FOR IMMEDIATE RELEASE: Contact: Sabrina G. Propper Iwerks Entertainment: 818.840-6105
Don Stults named C.O.O. of Iwerks® Entertainment Inc.
Burbank, CA (April, 4th, 2000)--Don Iwerks, Iwerks Entertainment’s co-founder, Chairman and current interim Chief Executive Officer, today announced that Don Stults has been promoted to Chief Operating Officer for the company.
Reporting to Don Iwerks, Stults will be responsible for coordinating all internal management needs for the company, overseeing the day to day business operations of the sales, operations, film distribution, touring and own and operated divisions. Iwerks Entertainment, founded in 1986, is the #2 provider of Large Format Theatres worldwide, and the industry leader in ride simulation technology and content.
“Don Stults has shown great leadership qualities in every position he has held since joining Iwerks in 1997,” said Don Iwerks. “Don knows our industry and is the ideal person to continue to further strengthen Iwerks’ position as a leading provider of ‘out-of-home entertainment experiences’ and enhance our company’s efforts to further position our products for future growth and success.”
For the last six months, Stults, has served as the Senior Vice-President of Operations, overseeing all aspects of project services, manufacturing, purchasing, engineering, technical services and new product development departments.
Prior to joining Iwerks, Stults was the President and Co-Founder of Pioneer Technology Corp., the company, along with partner L. Ron Schmidt, that created the patented Linear Loop® projection technology, which was recently bestowed an Academy of Motion Picture Arts and Sciences, Scientific and Technical Achievement Award. Iwerks Entertainment acquired Pioneer Technology Corporation and the patent for the Linear Loop technology in 1997.
Iwerks Entertainment, Inc. is a worldwide provider of film based high-tech entertainment experiences. Iwerks technologies inlcude Giant Screen (Iwerks®Extreme Screen) ride simulation attractions (Iwerks TurboRide), turn-key 3D/4D theatres (Iwerks®3D/4D FX Theatre® Systems) and other specialty attractions. Iwerks currently has over 250 installations in 38 countries worldwide.
This release contains statements that constitute “forward-looking statements” 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. 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, 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, the level of selling, general and administrative costs, 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.