-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, M5Ju5pCvP5EhpsO8COGXqEwu+iJScnOeA6J2o+pQa2qOKJp4N6e/QFPkuh9gSAr0 ogx+q8DzoTHULqeejL0u+g== 0001011438-97-000028.txt : 19970306 0001011438-97-000028.hdr.sgml : 19970306 ACCESSION NUMBER: 0001011438-97-000028 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19970305 ITEM INFORMATION: Other events FILED AS OF DATE: 19970305 SROS: NASD FILER: COMPANY DATA: COMPANY CONFORMED NAME: IWERKS ENTERTAINMENT INC CENTRAL INDEX KEY: 0000830404 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-MOTION PICTURE THEATERS [7830] IRS NUMBER: 954439361 STATE OF INCORPORATION: DE FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-22558 FILM NUMBER: 97551000 BUSINESS ADDRESS: STREET 1: 4540 WEST VALERIO ST CITY: BURBANK STATE: CA ZIP: 91505 BUSINESS PHONE: 8188417766 MAIL ADDRESS: STREET 1: 4540 WEST VALERIO ST CITY: BURBANK STATE: CA ZIP: 91505 8-K 1 FORM 8-K 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) 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." 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 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 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 -- 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 -- 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 -----END PRIVACY-ENHANCED MESSAGE-----