We have recently received several unsolicited inquiries, and believe this preliminary interest shows that there is awareness of the strength and attractive qualities of our business.

We think this interest, coupled with our solid fiscal 2005 results and compelling growth opportunities, makes this an ideal time to explore our options.

In order to fully realize the growth potential inherent in both the IMAX brand and the business we have built to date, we are evaluating strategic alternatives in order to expand our scale and maximize value for our shareholders. We have recently received several unsolicited inquiries, and believe this preliminary interest shows that there is awareness of the strength and attractive qualities of our business. We think this interest, coupled with our solid fiscal 2005 results and compelling growth opportunities, makes this an ideal time to explore our options.

We are excited to expand our partnership with Sony Pictures to bring Open Season to IMAX theatres in September. Sony Pictures has always produced incredible films, and as the studio invests in the animation business, the addition of Open Season to our strong 2006 film slate will enable IMAX theatre operators to attract moviegoers of all ages through the fall season.

We believe 'V For Vendetta' is a fantastic addition to the IMAX 2006 film slate, especially given the popularity of 'The Matrix series' and our own excitement upon screening the film. IMAX now has more films slated for day- and-date release in a single year than ever before. Beginning with this film, we expect a Hollywood film to be released to the IMAX theatre network every six to eight weeks in 2006, and we are confident that the rising number of event titles will continue to drive the growth of the IMAX theatre network worldwide.

The record-breaking box office performance of this incredible film was made possible by Warner Bros. Pictures' vision to package a new holiday classic with an unparalleled cinematic experience. IMAX theatres are top of mind for consumers this holiday season and we are confident that 'The Polar Express' will continue to draw record crowds and generate incremental revenue for exhibitors and Warner Bros. Pictures well into 2006 and beyond.