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Iwerks And Simex Complete Merger

Iwerks Entertainment Inc. and Toronto-based SimEx Inc., have confirmed the completion of their previously announced merger. Iwerks is now a wholly owned subsidiary of SimEx Inc. The merger was made final on January 9, 2002. Pursuant to the terms of the merger, each share of Iwerks' issued and outstanding common stock, other than shares held in its treasury, was cancelled and automatically converted into the right to receive approximately $0.63 in cash, without interest. On the effective date, Iwerks had 3,554,301 shares of common stock issued and outstanding. Holders of Iwerks' common stock as of January 9, 2002 will soon be receiving written instructions for sending in their stock certificates in exchange for the per share consideration to be received for their shares. "I am very pleased to see the merger of SimEx and Iwerks concluded," said Michael Needham, president and CEO of SimEx Inc. "The combined companies can now move forward to realize cost efficiencies and develop dynamic new products and services for our clients. We anticipate a bright future together." As a result of the merger, approximately 25 employees were laid off from Iwerks Burbank facility on January 11, 2002. Iwerks Entertainment Inc., founded in 1986, is the number one provider of 8/70 Large Format Theater systems worldwide and the industry leader in ride simulation. Iwerks' technologies include Giant Screen, ride simulation, 3D/4D theatres and other specialty attractions. SimEx builds special venue attractions that feature film or digital projection, simulation technology and themed environments.