MRXT CEO gone.Marx Toys & Entertainment Corp. CEO Resigns - Seasoned Toy Indust
y Veteran Takes Helm
Marx Toys & Entertainment Corp. CEO Resigns - Seasoned Toy Industry Veteran Take
Helm
Business Editors
SEBRING, Ohio--(BUSINESS WIRE)--Sept. 11, 2003--Marx Toys and
Entertainment Corp. (MRXT.OB) today announced the resignation of
Steven Wise, its Chairman of the Board and Chief Executive Officer
effective immediately.
"I believe, under the circumstances, this course of action is the
best for the Company," said Steven Wise. "
On Friday, September 5th, the Securities and Exchange Commission
instituted public administrative and cease-and-desist proceedings
against Mr. Wise and a New Jersey stock promoter for alleged
violations of the Securities and Exchange Act.
Mr. Wise has denied the allegations and intends to vigorously
defend the action brought against him. He states that he is confident
that when all the evidence is presented he will be fully vindicated.
Robert LoMonaco, a 34 year veteran of the Toy Industry, and a
Director of the Company, has assumed the position of Chief Executive
Officer.
"With the "IM BUDDIES" licensing agreement with United Internet
Technologies coming on stream the future of the Company looks
promising," said Robert LoMonaco the Company's new Chief Executive
Officer. "We are looking forward to the challenges of the next few
months and will do everything in our power to produce value for our
shareholders," he added.
Marx Toys and Entertainment Corporation markets interactive toys
and reissued collectable toys, along with classic games, play sets and
ride along toys. Marx vintage originals are highly collectable and
popular among hobby enthusiasts. Marx branded toys have a rich history
dating back to 1928.
Except for historical information contained herein, the matters
discussed in this news release are forward looking statements that
involve risk and uncertainties. The forward-looking statements in this
release are made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. However, actual results may
differ materially due to a variety of factors, including without
limitation the presence of competitors with broader product lines and
greater financial resources; intellectual property rights and
litigation, needs of liquidity; and the other risks detailed from time
to time in the company's reports filed with the Securities and
Exchange Commission.
--30--SW/ny*
CONTACT: Investor & Media Relations
JD Merlin & Associates
860-857-1462
JDMerlinDotCom@aol.com
jdmerlin.com
KEYWORD: OHIO
INDUSTRY KEYWORD: RETAIL MANAGEMENT CHANGES
SOURCE: Marx Toys & Entertainment Corp.
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