LOS ANGELES, Calif., April 7, 1999 (PRIMEZONE) -- Showscan Entertainment Inc. (OTC BB: SHOW) today announced it has repaid a $1.1 million promissory note it placed on November 1, 1997. The note bore an interest rate of 11 percent.
Dennis Pope, president and chief executive officer, said, "This is an important step in the restructuring of Showscan Entertainment. The repayment of this note in a timely fashion is further evidence that the company is on track and that our strategy is the correct course."
Showscan Entertainment is an international leader in the production and exhibition of exciting movie-based entertainment attractions shown in large screen, special format theatres worldwide. Showscan's simulation attractions and specialty theatres are open or under construction in 24 countries around the world, located in theme parks, motion picture multiplexes, expos, world's fairs, resorts, shopping centers, casinos, museums and other tourist destinations. For more information, visit Showscan on the Internet at www.showscan.com.
Except for the historical information contained herein, the statements made in this release constitute forward-looking statements that involve certain risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward looking statements, including the number of timing or sales of Showscan attractions, the development and acceptance of new products, the impact of competition on the Company's products and pricing, the Company's ability to locate, finance and operate theatres for the Company's account, and the other risks detailed from time to time in the Company's reports on file at the Securities and Exchange Commission.