Toy Manufacturer, Alottafun! Inc., Secures $20 Million Funding Commitment
June 8, 1999 09:14 AM
MILWAUKEE--(BUSINESS WIRE)--June 8, 1999--Alottafun! Inc. ALFN , a Milwaukee-based toy manufacturer and marketer, announced today that it has secured a $20 million agreement from Swartz Private Equity LLC of Roswell, Ga. "We are extremely delighted to have entered into a financial partnership with Swartz. The addition of this capital allows us to aggressively pursue our e-commerce opportunities," said CEO Michael Porter.
The financial agreement calls for a private equity line for the purchase of common stock, subject to registration and certain conditions, in an aggregate amount equal to $20 million. The equity line has options to expand up to $30 million upon a mutual agreement of both parties. The new capital will be used for development of their e-commerce site, acquisitions and to launch a national multimedia advertising campaign for their new line of toys, which are due out this summer, in time for the holiday season. This will allow Alottafun! Inc. to compete with companies such as eToys and others pursuing the Internet as a way to sell toys.
Alottafun! Inc. with its partners, Swartz Private Equity LLC and E-Commerce Fulfillment LLC will now be able to move into the e-commerce industry with the financial resources and distribution needed to handle such a large scale web site.
Eric Swartz, Manager of Swartz Private Equity LLC commented, "The relationship we have established with ALFN continues to represent our increased focus and commitment to emerging Internet related companies. We believe our association with ALFN will aid them in becoming a leader in the Internet e-commerce industry."
E-Commerce Fulfillment LLC will handle supply inventory management and logistics services through its contract with M.W. Kasch. Family-owned M.W. Kasch Company has been in the distribution business for 60 years. M.W. Kasch represents hundreds of manufacturers from Mattel MAT to Hasbro HAS , and offers over 9,000 domestic and imported toys. It provides just-in-time delivery of products throughout the U.S. with warehouses in Mequon, Wis. and in Fontana, Calif.
Alottafun! Inc. is a toy manufacturer and marketer with an extensive product line, including tea sets, games and puzzles, books, plush toys, purses and ride-on cars, which are distributed by leading toy retailers like Toys R Us TOYS .
For more information on ALFN please contact The Point Group Inc., at our web site, pointgroupinc.com or call toll free 1-888-272-1249.
This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Actual events or results may differ materially from those discussed in such forward-looking statements.
CUBBY |
