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April 2, 1999

Iwerks Announces Four TurboRide 3D! Theater Upgrades

Burbank, CA - April 1, 1999--Iwerks Entertainment Inc., an international leader in high-tech entertainment, Thursday announced that the company has reached agreements for upgrades of four of its most popular ride simulation attractions at Six Flags and Paramount Parks venues.

The agreements include theater upgrades transforming Iwerks TurboRide 2D(TM) systems into Iwerks TurboRide 3D!(R) systems at the Six Flags parks in Illinois, Texas and New Jersey, and the Paramount Parks venue in Toronto.

"As the world's leader in ride-simulation attractions, Iwerks is committed to developing innovative and state-of-the-art technology that gives audiences the most immersive and entertaining experiences," said Charles Goldwater, president and chief executive officer.

"Our high-quality technology and steady production of new films enables our clients to upgrade and continually renew the value of their Iwerks attractions," Goldwater added.

The Six Flags and Paramount Parks ride simulation theaters are being enhanced to allow for presentation of Iwerks' award-winning 3D film, "Dino Island II 3D: Escape From Dino Island." The flexibility of Iwerks' TurboRide 3D!(R) systems allows theaters to present both 2D and 3D ride-simulation films.

"The ride simulation experience adds a new dimension of thrills we can offer to our guests. Iwerks' advancements in production technologies allow us to present riveting 2D and 3D adventure films in a heavily themed environment. They've proven to be highly marketable and very popular attractions at our Six Flags parks," said Gary Story, president of Six Flags Theme Parks.

"Iwerks shares our passion for providing our guests with the best entertainment experiences possible," said Al Weber, chief operating officer, Paramount Parks. "Using the new integrated projection system and Iwerks' exciting new ride-simulation films, we will take our existing theater to the next level. We are confident that new 3D experiences will generate strong word of mouth and increase traffic to our facility."

An action-packed adventure that begins where Iwerks' most successful film "Dino Island" leaves off, "Dino Island II 3D" takes audiences on a daring expedition through a mysterious, smoke-shrouded primeval island where they help save its dinosaur residents from destruction by active volcanoes.

Combining amazingly photorealistic 3D animation with digital surround sound, "Dino Island II 3D" is a thrilling, unrivaled 3D experience.

In addition to working with its clients to enhance theaters, Iwerks is also continuing its growth with the production of several exciting new 3D ride-simulation films, "Journey Through the Center of the Earth," "Aquaride" and "Magic Carpet Ride."

As showcases for state-of-the-art 3D filmed entertainment, the films are being created as part of the company's multi-format film production strategy in which original footage is produced and then edited into different versions for release to Large Format theaters, theme park venues and ride-simulation attractions.

Iwerks will be handling worldwide distribution for these films, all of which are scheduled to be available by summer of this year.

"The Six Flags and the Paramount parks are some of the most prestigious and successful venues in North America. Iwerks is excited to be able to expose new audiences to the excitement of our ride-simulation attractions and help us achieve our primary goal of increasing attendance for our clients," Goldwater said.