SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): June 8, 1998
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)
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ITEM 5. OTHER EVENTS
Reference is made to the press release of Registrant, issued on June
8, 1998, 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 99.1.
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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.
June 16, 1998 IWERKS ENTERTAINMENT, INC.
By: /s/Bruce Hinckley
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Bruce Hinckley
Chief Financial Officer
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EXHIBIT INDEX
Exhibits Page Number
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99.1 Press Release dated June 8, 1998.
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BURBANK, Calif.--(ENTERTAINMENT WIRE)--June 8, 1998--Iwerks Entertainment
Inc. (Nasdaq:IWRK) has appointed two new outside members to its board of
directors, bringing the number of outside directors to five and the total number
of directors to six.
The two new members are Bruce A. Beda, chief executive of Orion Partners, and
Peter Hanelt, chief operating officer and chief financial officer of Natural
Wonders.
"After a thorough search, we have found two excellent candidates who share not
only our enthusiasm for Iwerks' potential, but also possess very strong
financial and operational backgrounds with publicly traded companies," said Don
Iwerks, Iwerks Entertainment co-founder and board member who headed the board
search initiative.
"We feel these two members of Iwerks' board will be significant
contributors as we carry out our strategy to improve Iwerks' financial
performance and responsiveness to our shareholders," Iwerks continued.
Charles Goldwater, chairman of the board and chief executive officer of Iwerks,
said, "One of the priorities we announced earlier this year was to strengthen
Iwerks' senior management team -- including expanding the board -- to strengthen
and deepen the level of expertise available to us in all phases of our
operations. Bruce and Peter -- both of whom we expect to fulfill active roles
as Board members -- will help us achieve that."
Beda, 57, has gained broad management experience during his tenure at several
Fortune 100 and other publicly traded and privately held companies. Prior to
becoming CEO of Orion Partners, a private investment and consulting firm, he
served as executive vice president and chief financial officer of manufacturing
conglomerate Wehr Corp.
Beda began his career at The Pillsbury Co., where he worked in the long-range
planning and accounting departments before becoming a brand marketing manager.
Beda also serves on the boards of Stifel Financial Corp., a financial services
company, and ECC International Corp., which designs and manufactures simulation
training systems.
Stifel and ECC are both publicly traded on the New York Stock Exchange.
"I am very pleased to join such a dynamic company as Iwerks," said Beda, "and my
intention is to be actively involved in helping Iwerks make the necessary
changes to unlock its full potential in this growing industry."
Hanelt, 53, is currently chief operating officer and chief financial officer of
Natural Wonders, a specialty gift store chain with approximately $160 million in
annual sales, and also holds the positions of interim president and chief
executive officer.
Prior to joining Natural Wonders, he was chief operating officer and chief
financial officer of Esprit de Corp, a San Francisco-based leading apparel
manufacturer, retailer and wholesaler, where he led a significant turnaround
that reversed a $72 million loss in two years. He sits on the boards of Natural
Wonders and The Shoe Pavilion Inc., a West Coast-based footwear retailer.
"I am very excited to join Iwerks at a time when it is implementing a targeted
strategy to reorganize its operations," said Hanelt. "I look forward to
applying the experience I have gained in various positions to further Iwerks'
goal of improving its overall performance."
Iwerks Entertainment is one of the world's leading providers and distributors of
film-based attractions such as 2-D and 3-D ride simulation, 2-D and 3-D giant
screen theatres, 360-degree video dance clubs and other immersive attractions.
Serving prestigious entertainment, information and marketing providers, more
than 250 Iwerks attractions can be found worldwide at location-based
entertainment centers, amusement parks, family entertainment centers, shopping
centers, casinos, resorts, nightclubs, restaurants, museums, fairs, festivals
and more.
Visit Iwerks Entertainment on the Internet at "http://www.iwerks.com" Iwerks
Entertainment Inc., Burbank
Contact:
Iwerks Entertainment Inc., Burbank
Krista Grossman, 310/442-2516
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