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Iwerks And SimEx Merger Approved

Iwerks Entertainment Inc. and Toronto-based SimEx Inc., have had their previously announced merger approved by Iwerks shareholders. When the merger is completed, Iwerks will become a wholly owned subsidiary of SimEx Inc. and cease being traded on the OTC Bulletin Board. The merger was expected to close December 28, 2001 but did not, and no new date has been set. Iwerks and SimEx continue to discuss the merger and related activities. 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.