This document consists of 7 pages,
of which this page is number 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
Form 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 5, 1997
IWERKS ENTERTAINMENT, INC.
(Exact Name of Registrant as Specified in Charter)
Delaware 0-22558 95-4439361
(State or Other Jurisdiction(Commission (IRS Employer
of Incorporation) File Number) Identification No.)
4540 West Valerio Street
Burbank, California 91505-1045
(Address of Principal Executive Offices)
(818) 841-7766
(Registrant's Telephone Number)
<PAGE>
This document consists of 7 pages,
of which this page is number 2
ITEM 5. OTHER EVENTS
Reference is made to the press release of Registrant, issued on March 5,
1997, which contains information meeting the requirements of this Item 5, and
which is incorporated herein by this reference. A copy of this press release
is attached to this Form 8-K as Exhibit "A."
<PAGE>
This document consists of 7 pages,
of which this page is number 3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
March 5, 1997 IWERKS ENTERTAINMENT, INC.
By: /s/ Bruce Hinkley
------------------------------
Bruce Hinkley
Chief Financial Officer
<PAGE>
This document consists of 7 pages,
of which this page is number 4
EXHIBIT INDEX
EXHIBITS PAGE NUMBER
- -------- -----------
A. Press Release dated March 5, 1997. 5
<PAGE>
This document consists of 7 pages,
of which this page is number 5
Exhibit A
[LOGO]
FOR IMMEDIATE RELEASE
- ---------------------------------
IWERKS ENTERTAINMENT ACQUIRES
ADVANCED NEW TECHNOLOGY FOR LARGE
FORMAT THEATRE EXPANSION
PIONEER TECHNOLOGY CORPORATION'S
PROPRIETARY LINEAR-LOOP (REGISTERED TRADEMARK)
TECHNOLOGY VIEWED AS
MAJOR PROJECTION TECHNOLOGY ADVANCE
March 5, 1997 - (Burbank, CA) - Iwerks Entertainment (Nasdaq NMS: IWRK), one
of the world's leading creators of multi-sensory entertainment attractions,
today announced it has acquired Burbank-based Pioneer Technology Corporation
and related entities and technologies, including patent rights, for an
undisclosed amount of cash and stock.
Pioneer creates unique specialty and large-format projection technologies,
including an 8-perforation 70mm projector that uses a proprietary Linear-Loop
(Registered Trademark) process. "The Pioneer Linear-Loop (Registered
Trademark) projector offers enhanced image stability, ease of operation, and
more operational flexibility than other large-format projection system on the
market today," according to Don Iwerks, Vice Chairman of Iwerks Entertainment.
"Our acquisition of Pioneer underscores our commitment to large-format
entertainment and projection systems," said Roy A. Wright, Iwerks President and
CEO. "This proprietary new technology, combined with our strong attractions
expertise, will help us offer a new, economically viable alternative for the
large-format theatre operators and firmly establish Iwerks as a leading
provider to this marketplace."
The Pioneer technology, which the company believes represents one of the most
significant advancement in film handling and projection technology in the last
30 years, is a highly stable, pin-registered, non-friction format in which the
film is literally transported on a column of air.
The Linear-Loop (Registered Trademark) refers to the fact that the air column
is used to form a loop in the film as it runs vertically through the projector
and then is pressed flat on registration pins over the shutter aperture as
light is projected through each frame. "This is a very sophisticated
technology and we are pleased that it has successfully operated in several
sites worldwide," said Linear-Loop (Registered Trademark) creator Ron Schmidt.
- MORE --
<PAGE>
This document consists of 7 pages,
of which this page is number 6
"The Linear-Loop (Registered Trademark) technology has been very successful at
a number of sites, including Destination Cinema's Hearst Castle theatre in San
Simeon," said Pioneer's President Don Stults. "We are thrilled to be a part of
the Iwerks team and look forward to helping Iwerks increase its marketshare in
this important arena."
"With the rapid growth in interest in large-format theatres, this technology
has the potential of making a significant positive impact on the financial
model faced by large screen theatre operators," continued Wright. "The Linear-
Loop (Registered Trademark) projector projects a large-format image and offers
performance characteristics similar to the larger and much more expensive
"rolling loop" projectors currently made by Iwerks and Imax, but at a much more
affordable level."
The Pioneer system has less wear and tear on the film prints than does claw and
pullldown geneva systems in use virtually everywhere else. In addition, the
positive air pressure on the film path keeps the projector cleaner and thus it
requires significantly less routine maintenance and cleaning than normal
projectors.
Because of the ease of transport, not only does the film move forward smoothly
through the projector for viewing but it also can be rewound through the gate
at more than 3 times normal speed, to allow for automatic rewind and reset of
the projector.
While this new technology can be used as a replacement component for a number
of Iwerks' current products, the Company views its largest potential impact
will come from the growth of its worldwide large-format theatre network, and
does not anticipate immediate incremental revenue.
Burbank-based Iwerks Entertainment is one of the world's leading producers of
high-tech multi-sensory experiences such as ride simulation, 2D and 3D giant
screen theatres, and other immersive attractions. Serving entertainment,
information, and consumer marketing providers, Iwerks experiences can be found
worldwide at prestigious locations such as Time Warner/Six Flags Theme Parks,
Viacom's Block Party, Hoyts Cinemas, NASA/Houston Space Center, The Orlando
Science Center, and Dave & Buster's. For complete information, access
www.iwerks.com.
- MORE --
<PAGE>
This document consists of 7 pages,
of which this page is number 7
This press release includes statements that may constitute forward-looking
statements made pursuant to the safe harbor provisions of the Private
Securities Litigation Act of 1995. This information may involve risks and
uncertainties that could cause actual results to differ materially from the
forward-looking statements. Factors that would cause or contribute to such
differences include, but are not limited to, the limited protection provided by
United States patent laws, advances in competing technologies, the Company's
ability to successfully market and sell the acquired technologies, customer
acceptance of the acquired technologies in the marketplace, the effects of
competition and other factors detailed in the Company's Securities and Exchange
Commission filings.
Contacts:
Vito Sanzone Nevena Orbach
Iwerks Entertainment The Orbach Company
(818) 841-7766 (818) 904-0500
