July 10, 2008--IMAX Corporation and Hoyts Cinemas Ltd., one of the largest exhibitors in Australia, today announced a joint venture agreement to install four IMAX theaters in the cities of Perth, Melbourne, and Sydney. The deal marks the company's first international joint-venture deal featuring the company's new IMAX digital theater system and doubles IMAX's footprint in Australia. To date, IMAX has signed contracts for more than 180 IMAX digital theater systems, with approximately 50 scheduled to be installed by the end of 2008.

Under the terms of the joint venture agreement, IMAX and Hoyts Cinemas will share in the cost and profitability of the new theaters. The first three theaters will be installed at the Entertainment Quarter 12 in Sydney, the Highpoint 17 in Melbourne, and the Carousel 16 in Perth. These openings are scheduled to coincide with the Australian launch of Harry Potter and the Half Blood Prince in December of this year. The fourth theater will be installed in Melbourne in 2009.

"IMAX is a widely recognized and very successful brand in Australia, and we are excited to open these locations in partnership with IMAX to offer our customers the world's most immersive cinema experience," said Delfin Fernandez, CEO of Hoyts Cinemas. "IMAX theaters offer a cinematic experience that people can't get at home or in a conventional theater, and this unique offering has proven to drive incremental attendance at the multiplex. Additionally, the IMAX digital projection system eliminates the need for film prints, which significantly lowers operating costs and enables us to offer our customers a wider range of IMAX content."

"Entering into a partnership with one of the largest exhibitors in Australia is a fantastic way to initiate our international JV business, and it adds to the momentum of our overall digital growth strategy," said IMAX's Co-Chairmen and Co-CEOs, Richard L. Gelfond and Bradley J. Wechsler. "Hoyts is a top-notch exhibitor with a commitment to innovation and expansion, and we believe this partnership will strengthen our presence in the region."