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Technology Stocks : BACKDOOR, an IPO> IDTC,BRKT,BNYN,KLOC,NAVR

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To: Brian who wrote (842)	7/28/1999 5:40:00 PM
From: Steven Finkel	of 954

PLAY CO. TOYS & ENTERTAINMENT CORP. ANNOUNCES SIGNING OF INVESTMENT AGREEMENT TO TAKE SUBSIDIARY PUBLIC OTC SYMBOLS: COMMON STOCK - PLCO Series E Preferred Stock - PLCOP Series E Preferred Stock Warrants - PLCOW SAN MARCOS, Calif., Jul 27, 1999 /PRNewswire via COMTEX/ -- Play Co. Toys & Entertainment Corp. (OTC Bulletin Board: PLCO) ("Play Co. Toys" or the "Company" for Play Co. Toys and subsidiaries collectively) announced today that it has entered into an investment agreement with an investment banking firm to take public its subsidiary, Toys International.COM, Inc. ("Toys International"), in an initial public offering. The investment agreement anticipates IPO proceeds of approximately $20 million to $25 million through the sale of 22% of Toys International. The investment agreement calls for the IPO to occur in approximately 90 days. Additionally, as part of the investment agreement the investment banking firm participated in a $2.8 million pre-IPO private equity placement in Toys International. The company has already received those funds. Toys International currently operates 19 of the Company's 26 stores as well asits Internet operations. Richard Brady, President of the Company states, "We are very excited about this pivotal development in our Company's progress. We plan to usethe proceeds of the recent private equity placement and of the upcoming IPOto finance a significantly upgraded e-commerce operation. We are working with two prominent Internet consulting firms to develop and upgrade ourworldwide Internet web sites to a what we believe will be a world class level. Weare at present preparing and enhancing three unique and different children's toy sites with a fourth to follow shortly. We expect to go live with our unique sites worldwide in September and October, in time to participate in the Holiday season." Mr. Brady went on to state "We also plan to use the proceeds of these financings to help support our current store expansion program in high traffic shopping malls. At present, we have signed leases to open ten new national locations through the end of the year 2000. We will build a major theme store in each location. We also would like to note that our recently opened store in the Venetian Resort & Casino in Las Vegas has surpassed our expectations to date in its daily sales level." Play Co. Toys is a toy retailer with 26 stores located in six states. The Company operates under the Play Co. Toys, Toys International and Toy Co. tradenames. Play Co. Toys specializes in offering educational, specialty, collectible, specialty imported and traditional toys. Statements contained in this press release which are not historical facts may be considered forward looking information with respect to plans, projections, or future performance of Play Co. Toys as defined under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those projected. SOURCE Play Co. Toys & Entertainment Corp.

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