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(COMTEX) B: Iwerks and Dave & Buster's Renew Pact; New Agreement Will
B: Iwerks and Dave & Buster's Renew Pact; New Agreement Will Result in More
Iwerks Simulation Theatres for LBE Firm
BURBANK, CALIF. (May 24) BUSINESS WIRE -May 24, 1999--Iwerks
Entertainment Inc. (Nasdaq:IWRK), an international leader in high-tech
entertainment attractions, announced that it has extended its already
successful relationship with Dave & Buster's (Nasdaq:DANB) by signing a
new agreement to provide ride simulation attractions for new locations
as well as converting several current Dave & Buster's 2D attractions to
3D systems.
This agreement extends the existing relationship between the two
companies which began in 1996 and has seen the installation of Iwerks'
ride simulators in six Dave & Buster's locations. The new agreement
calls for Iwerks to install an additional five ride simulator
attractions at locations throughout the United States. The first two of
these new locations, in St. Louis and Atlanta, are scheduled to open in
summer 1999.
"Iwerks' ongoing partnership with Dave & Buster's sets a new standard
for the integration of high-tech entertainment with dynamic and
creative retail environments," said Charles Goldwater, President and
CEO of Iwerks.
"Our commitment to creating successful entertainment attractions, for
and with our clients, is evident by the technological advances we have
achieved to fulfill Dave & Buster's needs, in addition to our ongoing
development of high-quality and exciting new films."
"The Iwerks TurboRide Theatre is a quality feature attraction, it
generates great revenue and the people at Iwerks have been simply
outstanding to work with," said Dave Corriveau, co-founder of Dave &
Buster's. "Our company's tremendous growth rate is enhanced by this
type of strategic partnership and we look forward to moving into the
future with the Iwerks team."
The new agreement reflects the success the partners have achieved with
the first six Iwerks TurboRide Theatres. Additionally, Iwerks has now
developed a new customized ride simulation motion base and platform
that can be installed in locations with limited space, like the "Dave &
Buster's II" prototype.
This new eight-seat platform, featuring six degrees of freedom,
ergonomically designed seating, and electrically powered for ease of
operation, can be fitted into less than 500 square feet of space. It
will also be equipped with on-board "4D" effect capabilities that may
be used to further enhance the ride simulation experience by adding
dynamic physical effects, such as wind and water, to the show.
"Working closely with Dave & Buster's innovative team, we have created
a solution that enables the installation of ride simulation theatres in
locations with limited space, while maintaining the high quality of
Iwerks' technology and industry-leading film programming. We are
extremely proud of our relationship with them," said Goldwater.
Known as the worldwide leader in the ride simulation business, with the
largest ride film library as well, Iwerks is also engaged in an
innovative, "multi-format" film production strategy. This unique
process allows film producers to create full-length Large Format films,
theme park attraction films and ride simulation films from the same
original production footage. This process will create an even greater
selection of films for Iwerks' clients, such as Dave & Buster's.
"Journey Through the Center of the Earth," a 3D ride simulation film
taken from the 3D Large Format film "Encounter in the Third Dimension,"
is Iwerks' first multi-format release. Also in production is "Alien
Adventure," a soon to be released 3D Large Format film, from which
several more 3D ride simulation films will be created.
Founded in 1982, Dave & Buster's is the country's leading upscale
restaurant/entertainment concept with 19 locations in the United
States. Dave & Buster's will open five more locations in 1999, seven in
2000 and eight in 2001. There are currently two Dave & Buster's
operating in the United Kingdom under a licensing agreement with Bass,
plc.
The company also holds international licensing agreements for portions
of the Pacific Rim, Western Europe and Canada. Dave & Buster's stock is
traded on the Nasdaq national exchange under the symbol DANB.
Iwerks Entertainment Inc., founded in 1986, is one of the world's
leading full-service providers of high-tech entertainment systems,
support services and film-based software in Large Format, ride
simulation and specialty venue attractions.
More than 250 Iwerks attractions can be found in 37 countries worldwide
at location-based entertainment centers, amusement parks, movie
theaters, family entertainment centers, shopping centers, casinos,
resorts, nightclubs, restaurants, museums, fairs, festivals and more.
Visit Iwerks Entertainment on the World Wide Web at
iwerks.com.
This release contains statements that constitute "forward-looking
statements" within the meaning of Section 21E of the Securities
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 performance by the
company under its agreement with Dave & Buster's, the success of the
theaters at the Dave & Buster's sites, 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
businesswire.com
-0- ECQ/la* JP/la
CONTACT: Wills Communications Inc.
Peter Bylsma/Jennifer Hinkle, 310/524-0200
KEYWORD: CALIFORNIA MISSOURI GEORGIA
INDUSTRY KEYWORD: REAL ESTATE ENTERTAINMENT RETAIL RESTAURANTS
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