Wachovia Credit Facility Amended to Increase Future Availability and Term

$18 Million Private Placement Signed with Largest Shareholder at Market Price

TORONTO, May 6 /PRNewswire-FirstCall/ - IMAX Corporation (NASDAQ:IMAX;TSX:IMX) today announced that it has entered into two significant financingtransactions, one with Wachovia Capital Finance Corporation ('Wachovia') toincrease future availability and modify other terms under the Company'sexisting credit facility, and one with the Douglas family, IMAX's largestshareholder, for the sale of approximately 2.73 million common shares in aprivate placement at an aggregate purchase price of $18 million. Proceeds fromthese transactions will be used to fund the Company's IMAX(R) Digitalprojection roll-out, slated to begin this summer, and for general corporatepurposes.

'We have always believed that the attractive returns from existing jointventures would enable us to finance our broader digital rollout,' said IMAXCo-Chairmen and Co-CEO's Richard L. Gelfond and Bradley J. Wechsler. 'Now ourbank and our largest shareholder have each stepped forward to provide us withincreased availability of credit and cash, which we believe will enable us toeffectively execute on our existing plan. Coupled with our cash on hand, weexpect that these deals will ultimately provide us with access to roughly $55- 60 million in funding.'

IMAX and Wachovia entered into an amendment on May 5, 2008 which extendsthe term of the facility to October 31, 2010, removes an EBITDA maintenancecovenant provided the Company maintains certain minimum liquidityrequirements, and is likely to increase the Company's borrowing base.

'We believe these changes will ensure our access to more money for alonger period of time, mitigating operating risk,' added Messrs. Gelfond andWechsler. 'The amended terms of the line allow us to draw down approximately$24.4 million today, and we believe that as our borrowing base increases inaccordance with the terms of the agreement we may be able to take down closeto $30 million.'

Additionally, on May 5, 2008, the Company entered into an agreement withthe Douglas family, IMAX's largest shareholder, for the sale of approximately2.73 million of the Company's common shares for a total purchase price of $18million, or approximately $6.60 per share (the equivalent of the averageclosing IMAX common share price over the most recent five trading days).