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Iwerks Entertainment And SimEx Announce Merger Agreement

Iwerks Entertainment Inc. and SimEx Inc. announced that both companies have signed an agreement and plan of merger. The agreement provides that SimEx will acquire Iwerks in exchange for cash consideration of approximately US $0.63 per share of Iwerks common stock. The transaction is subject to shareholder approval and other customary closing conditions. If the two companies combine, it is expected that Iwerks will retain its brand name and identity and will continue operations in Burbank, California under the existing Iwerks management team. The opportunities for the combined companies are enormous, said Don Iwerks, chairman of Iwerks Entertainment. With a combined network of over 120 simulation theatres and 250 large format theatres worldwide, the demand for new films continues to grow. The Iwerks film production and distribution teams will work closely with SimEx Digital Studios to accelerate the production of new film content for our combined network of theatres.

Read Heather Kenyons interview with Allen Yamashita about SimEx, a company that provides digital image "solutions" for a number of outlets.