Marx Toys & Entertainment To Reorganize Internal Infrastructure And Continue Business As Usual
Monday September 8, 10:46 am ET
SEBRING, Ohio--(BUSINESS WIRE)--Sept. 8, 2003--Today, Marx Toys And Entertainment retained the services of Michael Marx, LLC to conduct and oversee Marx Toys' everyday business activities including current negotiations, contract sales, and the securing of potential financing.
The company will continue business as usual. The accounting firm Ceriph Financial Group, Inc. will look after the financial aspects of Marx Toys, while Michael Springer has been added to bolster the sales staff at the Ohio Operation Center.
Michael Marx LLC is negotiating with Marx legend Jay Horowitz. The company would like Horowitz to look over its classic collectible division and aid in new product sales. Horowitz, 57, became the 3rd generation of his family to get involved in the toy industry. The graduate of New York University left for South America in 1969 where he built up a successful toy company over his 9 year stay. A few years after Mr. Horowitz was back in the states, Jay purchased the assets (molds and machinery) of Marx Toys, formerly the World's largest toymaker from the Chemical Bank of NY in 1982. Over the years he added rights to the trademark and eventually sold it to stereoscape.com in 2000. Jay has had experience dealing with many aspects of the Toy Industry, including the major retailers in the USA, and also was the author of a book on the history of Marx Toys.
"Jay (Horowitz) would be a huge asset to the team. Right now, Marx needs a man with his knowlege and experience with toys and marketing," states Micheal Shalit of Michael Marx LLC.
Last, Steven Wise, the Chief Executive Officer of Marx, has entered a plea of "Not Guilty" to last Friday's charges. Mr. Wise is confident that when all evidence is presented, he will be vindicated. During the pendency of the case, every effort will be taken to preserve Marx Toys as a stable and viable company.
About Marx Toys And Entertainment Corp.
Marx Toys And Entertainment Corp. manufactures and markets interactive toys and reissued collectible toys, along with classic games, play sets and ride along toys. Marx's vintage originals are highly collectible amongst hobby enthusiasts. Marx branded toys are sold at more than 400 toy and hobby retailers across the U.S. and has a rich history dating back to 1928. To read more on this history, visit marxtoys.com. In late July, Marx Toys announced AZtor Corporation which the Company plans to form a separate subsidiary, yet integrate its software development for future new Toy lines.
"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: Except for historical information, all of the statements, expectations and assumptions contained in the foregoing are forward-looking statements that involve a number of risks and uncertainties. It is possible that the assumptions made by management are not necessarily the most likely and may not materialize. In addition, other important factors that could cause actual results to differ materially include the following: business conditions and the amount of growth in the Company's industry and general economy; competitive factors; ability to attract and retain personnel; the price of the Company's stock; and the risk factors set forth from time to time in the Company's SEC reports, including but not limited to its annual report on Form 10-KSB; its quarterly reports on Forms 10-QSB; and any reports on Form 8-K. Marx Toys And Entertainment Corp. takes no obligation to update or correct forward-looking statements.
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Source: Marx Toys And Entertainment Corp. |
