IMAX and CJ CGV Co., Ltd. Expand Relationship With Joint Venture Deal for Up to 15 New IMAX(R) Theatres in Korea

Leading Exhibitor Commits to 10 New Joint-Venture Locations, Option to Increase to 15

Deal Also Includes Upgrades for Four Existing Locations to IMAX's Digital Projection System

Expansion Follows Success of CJ CGV's Existing IMAX Locations

IMAX Corporation (Nasdaq:IMAX) (TSX:IMX) today announced that CJ CGV Co. Ltd., the leading theatre exhibitor in Korea, has signed an agreement to install up to 15 new digital IMAX(R) theatre systems, with the rollout scheduled to begin later this year, and to upgrade four existing film-based IMAX theatres to digital systems. The agreement was signed following the success of the exhibitor's five existing IMAX locations in Seoul, Daegu and Gwangju, where the current IMAX(R) 3D release of Avatar has generated more than $6.5 million.

"Our IMAX theatres are boosting attendance and driving more traffic to our multiplexes, which positively impacts our bottom line," said Mr. Kim Joo Hyung, CEO of CJ CGV. "IMAX's digital theatre system and joint venture model improves the economics of the IMAX theatre business for us, which creates even more opportunities to expand our relationship and offer more customers The IMAX Experience(R) at more locations."

Under the terms of the agreement, CJ CGV will add 10 new joint venture locations in the major cities of Korea with an option to increase that number to fifteen. The rollout of new locations is expected to begin later this year. Additionally, the exhibitor will upgrade four of its existing IMAX film-based locations, which are not structured as joint ventures, to IMAX's digital projection system. The upgrades will bring the exhibitor's total digital IMAX (non-JV) locations to five, and the exhibitor's total combined IMAX tally to a minimum of 15. The upgrades are expected to be completed by the end of April 2010.

"Demand for The IMAX Experience is increasing in South Korea, a market we believe holds great potential, especially as we expand our overall presence in the Asia-Pacific region," said IMAX CEO Richard L. Gelfond. "Our international growth strategy is based on building momentum with existing successful relationships. We've been in business with CJ CGV for five years, and we are very pleased to expand with such a strong exhibitor."

"CJ CGV has marketed the IMAX brand in creative and tailored ways that have generated more consumer awareness in Korea, and we're now seeing that awareness translate into greater demand and further growth," added Larry O'Reilly, IMAX's Executive Vice President, Theatre Development. "We are looking forward to sharing future success with CJ CGV as it expands its IMAX footprint in South Korea."

About CJ CGV

CJ CGV operates South Korea's largest multiplex cinema chain, with its headquarters in Seoul. It is a subsidiary of CJ Group and was established in 1996. CGV opened its first multiplex cinema in Korea in April 1998. Since the opening of its first cinema in eastern Seoul, CGV has expanded and currently operates 575 screens over 69 sites nationwide. CGV opened its first overseas branch in Shanghai, China in late 2006 and is scheduled to open its first North American branch in Los Angeles, California in June 2010. The company went public in December 2004 and is currently valued at US$450 million. CGV now has 45% of the market share in South Korea including Primus, its subsidiary multiplex chain with 229 screens in 31 sites nationwide.

About IMAX Corporation

IMAX Corporation is one of the world's leading entertainment technology companies, specializing in immersive motion picture technologies. The worldwide IMAX network is among the most important and successful theatrical distribution platforms for major event Hollywood films around the globe, with IMAX theatres delivering the world's best cinematic presentations using proprietary IMAX, IMAX 3D, and IMAX DMR(R) technology. IMAX DMR is the Company's groundbreaking digital re-mastering technology that allows it to digitally transform virtually any conventional motion picture into the unparalleled image and sound quality of The IMAX Experience. The IMAX brand is recognized throughout the world for extraordinary and immersive entertainment experiences for consumers. As of September 30, 2009, there were 403 IMAX theatres (280 commercial, 123 institutional) operating in 44 countries.

IMAX(R), IMAX(R) 3D, IMAX DMR(R), Experience It In IMAX(R), AnIMAX 3D Experience(R) and The IMAX Experience(R) are trademarks of IMAX Corporation. More information about the Company can be found at www.imax.com. You may also connect with IMAX on Facebook (www.facebook.com/imax), Twitter (www.twitter.com/imax) and YouTube (www.youtube.com/imaxmovies).

The IMAX Corporation logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6469

This press release contains forward looking statements that are based on management's assumptions and existing information and involve certain risks and uncertainties which could cause actual results to differ materially from future results expressed or implied by such forward looking statements. Important factors that could affect these statements include ongoing discussions with the SEC and OSC relating to their ongoing inquiries and the Company's accounting, the performance of films, the signing of theatre system agreements, the viability of new technologies, businesses and products, the timing of theatre system deliveries, the mix of theatre systems shipped, the timing of the recognition of revenues and expenses on film production and distribution agreements, risks arising from potential material weaknesses in internal control over financial reporting and fluctuations in foreign currency and in the large format, general commercial exhibition and out-of-home entertainment markets. These factors and other risks and uncertainties are discussed in the Company's most recent Annual Report on Form 10-K and most recent Quarterly Reports on Form 10-Q.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: IMAX Corporation

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