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Iwerks and Itochu Corp. pact for park in Japan

Iwerks Entertainment has signed a multimillion-dollar hardware agreement with Itochu Corp. to develop and build a Cinetropolis site in Chiryu, Japan. And under a soon-to-be-signed agreement, the company will also receive royalties from the use of its film software, as well as from food, beverages and retail operations.

The complex will combine large-screen formats and simulation attractions and is scheduled to open in November.

Under the terms of the agreement — the company’s first project via its Japanese partner, Itochu — the Burbank-based Iwerks will receive revenue from the manufacture and sale of its proprietary theater systems.

The deal signals the setting up of a global network of Cinetropolis complexes and follows the January launch of the world’s first Cinetropolis at Foxwoods Resort Casino in Ledyard, Conn.

Iwerks Entertainment is one of the leading producers of movie-based specialty theaters and virtual-reality attractions.

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