Iwerks Entertainment Sued by Competitor for Anti-Trust; Subsidiary of Imax Files Against Simulation Attraction Provider.BURBANK, Calif.--(BUSINESS WIRE)--Feb. 6, 1998--Iwerks Entertainment Inc. (Nasdaq:IWRK) Friday confirmed that it has been served with a complaint filed in the U.S. District Court of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of by Ridefilm Corp., a subsidiary of Imax Corp., a Canadian company, alleging that its merger with Showscan Entertainment announced in August 1997 is in violation of the Sherman and Clayton Anti-trust Acts. The company, upon review of the complaint, says that it believes that the suit is without merit and that it intends to vigorously defend itself. Iwerks Chairman and Chief Executive Officer Roy A. Wright, noted, "This lawsuit by Ridefilm is a frivolous suit intended to force Iwerks to negotiate a settlement in our lawsuit against Imax in the Large Format marketplace which is scheduled to go to trial later this year." 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. is one of the world's leading producers of high-tech, multisensory multisensory /mul·ti·sen·so·ry/ (mul?te-sen´sah-re) capable of responding to more than one kind of sensory input, as certain neurons in the central nervous system. experiences such as 2-D and 3-D ride simulation, 2-D and 3-D giant screen theaters, 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 This page contains a list of amusement parks by
Forward-looking statement 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. disclosure: The information included herein includes forward-looking statements, and as such are subject to the risks and uncertainties that the company discusses in its reports filed with the Securities and Exchange Commission. Actual results may vary. CONTACT: Iwerks Entertainment, Burbank Bruce Hinckley, 818/955-7800 or Bozell Sawyer Miller Group Joseph Kessler, 310/442-2535 |
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