Don Iwerks Named Chairman and Interim CEO At Iwerks Entertainment Inc.Business Editors BURBANK, Calif.--(BUSINESS WIRE)--Feb. 8, 2000 Iwerks Entertainment Iwerks Entertainment was founded in 1985 by Stan Kinsey and Don Iwerks, two former Disney Executives, and became well known through 1996 as a leading developer of special venue and virtual reality theaters throughout the world. Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :IWRKD) today announced that Don Iwerks Don Iwerks is a former Disney executive and co-founder of Iwerks Entertainment, along with Stan Kinsey. He is son of Ub Iwerks. External Links/References: [1] , the company's co-founder, has been named by the Board of Directors as the company's Chairman and interim Chief Executive Officer. Charles Goldwater, Iwerks president and chief executive officer, has resigned effective immediately to pursue other interests. In making today's announcement, Don Iwerks said that, &uot;I will be working closely with the other members of the Board of Directors, Bruce Beda, Peter Hanelt, Gary Matus and Dag Dag(h)da great god of Celts; father of Danu. [Celtic Myth.: Parrinder, 68; Jobes, 405] See : Fatherhood Dag (h)da god of abundance, war, healing. [Celtic Myth. Tellefsen. In addition, Gary Matus has agreed to assist me with the company's overall strategy.&uot; Dag Tellefsen, a Director of the Company since 1993, said, &uot;We are grateful and fortunate the company has an active founder in Don Iwerks, who has the dedication and vision to manage the company, bring it back to its roots and focus on the company's core business.&uot; Commenting on the role that he will play during the interim period until a new Chief Executive Officer is officially named, Don Iwerks said, &uot;I understand our technology and engineering strengths, which are the core of our company, and we have the know-how and the dedicated employees that will allow us to continue to strengthen our business.&uot; Iwerks Entertainment Inc., founded in 1986, is the No. 2 provider worldwide of Large Format Theatre systems and the industry leader in ride simulation. Iwerks' technologies include Giant Screen (Iwerks(R) Extreme Screen(TM)), ride simulation (Iwerks(R) TurboRide(TM)), turnkey FX theaters (Iwerks(R) 3D/4D FX(TM) Theatre) and other specialty attractions. Iwerks has currently over 250 installations in 38 countries worldwide at location-based entertainment centers, theme parks, movie theaters, museums, science centers, family entertainment centers, shopping centers, casinos, resorts, nightclubs, restaurants and more. The Iwerks patented Linear Loop(R) Projection system is the recent winner of the Academy Scientific and Technology Award. In 1998, Don Iwerks received an Oscar, the coveted cov·et v. cov·et·ed, cov·et·ing, cov·ets v.tr. 1. To feel blameworthy desire for (that which is another's). See Synonyms at envy. 2. To wish for longingly. See Synonyms at desire. Gordon E. Sawyer Award The Gordon E. Sawyer Award is an accolade given each year by the Academy of Motion Picture Arts and Sciences to "an individual in the motion picture industry whose technological contributions have brought credit to the industry. , for his lifetime of technical achievements. Visit Iwerks Entertainment at www.iwerks.com. This release contains statements that constitute &uot;forward-looking statements&uot; within the meaning of Section 21E of the Exchange Act and Section 27A of the Securities Act. The stockholders of Iwerks are cautioned not to put undue reliance on such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. . Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those projected in this release resulting from the following reasons (among others): the impact of the ongoing economic conditions and situation in the Asia Pacific region and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , the level of available sales in the rest of the world, the timing of sales and deliveries under existing contracts, costs of sales and the ability of the company to maintain pricing levels necessary to maintain gross profit margins Gross profit margin Gross profit divided by sales, which is equal to each sales dollar left over after paying for the cost of goods sold. gross profit margin A measure calculated by dividing gross profit by net sales. , the level of selling, general and administrative costs administrative costs, n.pl the overhead expenses incurred in the operation of a dental benefits program, excluding costs of dental services provided. , the performance by the company under existing purchase contracts and the ability to obtain new contracts, the success of the company's owned and operating strategy, the success of the company's film software and the effects of competition. In addition, the Company's shareholders are urged to carefully review the risk factors discussed in the documents the company files from time to time with the Securities and Exchange Commission. Note to editors: for this company's past press releases go to http://www.businesswire.com/cnn/iwrk.htm |
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