LOS ANGELES, Oct. 4, 1999 (PRIMEZONE) - Showscan Entertainment (OTCBB:SHOW) today announced an agreement with, Cinimagic Entertainment Pty Ltd (ASX:CIC), an Australian multimedia entertainment company to install two major simulation attractions, valued at approximately $1.25 million, at the high profile Fox Studios Australia in Sydney.
Fox Studios Australia is a 50/50 joint venture between Fox Filmed Entertainment and Lend Lease Corporation, the Australia based property and financial services company. It comprises one of the world's most sophisticated working film studios, the Bent Street entertainment, dining and retail precinct and the Fox Studios Backlot, an amazing behind-the-scenes tour of the world of film making.
Cinimagic's Showscan attractions will be situated in the free-access Bent Street area, at the gate to the Fox Studios Backlot. One attraction will feature the patented Showscan Film Format, the 70mm large format presentation that delivers brilliant, clear and hyper-realistic images, together with 36 motion seats. The other will present simulation experiences in an 18-seat theatre using state-of-the-art digital High Definition video. Both attractions boast total digital, multi-channel surround sound.
Dennis Pope, Showscan president and chief executive officer, said, "Cinimagic's broad media interests, as well as its commitment to premier quality entertainment and to Showscan, make them the right strategic partner for Showscan, both at Fox Studios Australia and throughout Australia and New Zealand. We feel right at home at Fox Studios Australia. As part of the Hollywood community and as a global leader in movie based attractions, Showscan is a perfect fit with Fox."
Fox Studios Australia chief executive Kim Williams said, "Immersive experiences distinguish Fox Studios Australia as Sydney's premier entertainment and leisure destination. Showscan offers high quality technology and an outstanding simulation film library. The Cinimagic attractions will further enhance Fox Studios Australia's credentials as an entertainment leader now and in the future."
Karl O'Farrell, Cinimagic Chief Executive Officer, said, "This site will serve as the flagship Showscan location in Australia. Cinimagic and Showscan will be joining other world-class leaders in entertainment and retail to create a new benchmark in branded, experiential visitor experiences."
Mr. O'Farrell also said, "In looking at the opportunity presented to us at Fox Studios Australia, with Fox and Lend Lease involved, with their brilliant entertainment and retail concept and design for this historic and important site, there was no question about it; we had to go with the best producer of movie based attractions, Showscan."
Cinimagic currently owns and operates a Showscan simulation attraction at Darling Harbour, Sydney at the newly renovated Harbourside shopping and entertainment complex.
The Fox Studios installations, together with Showscan's recently announced major attraction at AMP Tower in Sydney, strongly confirm Showscan's presence in Australia and the vitality of the simulation attraction industry in the region, consistent with Showscan's strategic direction being implemented around the world.
Showscan is the international leader in the production, distribution and exhibition of exciting movie-based attractions shown in large format theatres worldwide. Showscan's simulation attractions and special venue theatres are open or under construction in 24 countries around the world, located in theme parks, cinema multiplexes, expos, festivals, world's fairs, resorts, shopping centers, casinos, museums, location based and family entertainment centers, and other tourist destinations. It is estimated that more than 100 million people worldwide have experienced a Showscan Entertainment attraction. Showscan has created business alliances and relationships with some of the leading companies in the entertainment industry worldwide. The Showscan camera system, used by Showscan in creating the world's premier entertainment attractions and experiences, was awarded a Scientific and Engineering Achievement Academy Award(tm) in 1993 by the Academy of Motion Picture Arts and Sciences. For more information, visit Showscan on the Internet at www.showscan.com.
This release contains statements that constitute "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act and Section 27A of the Securities Act. Readers are cautioned not to put undue reliance on such forward-looking statements. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Certain factors may cause actual results to differ materially from those contained in the forward-looking statements, including but not limited to: the number and timing of sales and/or installations of Showscan attractions, the development and/or acceptance of new products, the impact of competition on the company's products and/or pricing, and the success of the company's software. In addition, readers are urged to carefully review the risk factors discussed in the documents that the company files from time to time with the Securities and Exchange Commission.