Catalyst Sends IMAX Notice of Acceleration of Senior Notes

    Also Sends Direction to Indenture Trustee Pursuant to Indenture Seeking
Legal Action to Enforce Remedies for Defaults

    TORONTO, October 31 /CNW/ - Catalyst Fund Limited Partnership II, a
holder of more than 33% of the 9.625% Senior Notes Due 2010 issued by IMAX
Corporation (the "Senior Notes"), advised IMAX in writing on October 29, 2007,
that it had caused a notice of acceleration to be delivered to IMAX
accelerating IMAX's obligation to pay all amounts due on the Senior Notes,
including principal, interest, and any premium due pursuant to the Trust
Indenture. Pursuant to the Indenture, any amounts due under an acceleration
notice are payable immediately.

    Since April 2007, Catalyst has caused multiple notices of default to be
delivered to IMAX. In response to the notices of default, IMAX has denied that
any events of default have occurred and has refused to provide requested
financial and other information for all stakeholders.

    In addition, Catalyst has delivered a direction to the Indenture Trustee,
as required by the Indenture, seeking to have the Indenture Trustee commence
legal action against IMAX to enforce all remedies available under the
Indenture. Should the Indenture Trustee opt not to commence an action,
Catalyst will be free to bring an action on its own behalf against IMAX. In
any such action, Catalyst would be seeking to realize on its security.

    Catalyst is currently pursuing a separate oppression remedy application
against IMAX before a Canadian court challenging, amongst other things, the
reliability of IMAX's financial reporting. After the commencement of
Catalyst's application, IMAX announced on October 5, 2007, that it would again
be restating its past financial reports, which it had just purported to
restate in July. In August, as well as during its September 2007 Annual
Shareholders Meeting, IMAX had indicated that its restatement process had been

    In the current application, Catalyst has filed an opinion of an expert in
New York law, which supports its position that IMAX is in default under the

For further information:

For further information: Catalyst Fund Limited Partnership II Gabriel de
Alba 416-945-3020

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Catalyst Fund Limited Partnership II

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