CORRECTION/Iwerks Entertainment and Hoyts Corp. join forces to develop Iwerks TurboRide sites worldwide.

BURBANK, Calif.--(BUSINESS WIRE)--March 6, 1996--Iwerks Entertainment and Hoyts Corp. Wednesday announced a joint venture agreement for the initial development of the first of up to 10 Iwerks TurboRide(TM) attractions as part of the Hoyts International exhibition circuit.

The first Iwerks TurboRide installation will be located in the first stage of the recently announced redevelopment of the Highpoint cinema complex in Melbourne, Australia. The new development will feature an additional two cinemas as well as the Iwerks TurboRide incorporated into the "Cinemotion" entertainment center. The center will also contain interactive and virtual attractions, food and beverage outlets, and a merchandising boutique to complement the Iwerks TurboRide.

Scheduled for completion in July, Hoyts Highpoint will be the country's largest trading cinema complex and the site of Australia's first Iwerks TurboRide. The initial contract will be finalized in the next few weeks.

Iwerks and Hoyts will "energetically combine talents to provide a premium-quality high-tech experience for our guests," said Hoyts Chief Executive Officer Peter Ivany and Iwerks President and CEO Roy Wright in a joint announcement. "We each bring to the table a major branded entertainment product, and our combined effort is certain to create a `must-see' event."

"Hoyts has been improving the movie-going experience for years, but our Iwerks relationship is one of the single biggest steps we've taken to provide customers with a truly unique experience. It is our intent to establish a significant point of difference within the minds of cinema patrons. All evidence would indicate that the Iwerks TurboRide can achieve this result," said Ivany. "The TurboRide product is high-energy fun at its best, it's the perfect complement to our Megaplexes and Multiplexes."

"The Hoyts partnership confirms our drive to seek out and partner with the world's best entertainment providers," said Wright. "The number of location-based entertainment developments is steadily growing, and we're pleased that Iwerks is so often selected to provide the important high-tech attraction element -- usually the entertainment anchor. Iwerks pioneered high-tech LBE, and we will continue to join forces with experienced operator and developers to see that our brand exceeds all others."

The Hoyts/Iwerks 32-seat TurboRide will feature the revolutionary Iwerks Quatro (IQ)(TM) 70mm reversing projection technology, designed by Iwerks co-founder Don Iwerks, to create maximum visual impact in small-to-mid-sized theatres.

The Iwerks TurboRide theatre is the best-selling ride simulation attraction in the world; the company believes that its 114 installed or contracted theatres account for a wide majority of the world market. The Iwerks TurboRide provides a high-tech multi-sensory experience for patrons via high tech motion seats that move in synchronization with five-minute ride simulation films which feature real-life or fantasy experiences.

Films are created in the company's large format 70mm process to provide images six times larger than conventional movie images, with greater clarity and color saturation. The theatres feature advanced 7-channel sound systems to further envelop the guest's senses and create an experience unparalleled in the scope of everyday life.

The Iwerks 36-title TurboRide film library is the world's largest and features titles such as "Aliens(TM): Ride at the Speed of Fright" based on the blockbuster Twentieth Century Fox motion picture, "Days of Thunder" based on the Paramount Pictures release, "RoboCop(R): The Ride," and Iwerks' own titles such as "Dino Island," a computer-generated Jurassic-era adventure romp, and the Alpha One Cowboy series.

Iwerks Entertainment is the world's leading producer of high-tech, multi-sensory experiences such as ride simulation, giant screen theatres, and other immersive attractions for the location-based entertainment (LBE) market. Founded in 1986 in Burbank, Iwerks Entertainment has installed more than 240 attractions worldwide. Clients include Paramount Parks, Six Flags Theme Parks, AT&T, Bass Leisure plc, and Hoyts Corp.

CONTACT: Iwerks Entertainment Inc., Burbank

Vito Sanzone, 818/841-7766

or

Hoyts Corp., Australia

Bronwyn Delaney, 02-261-7777