With the announcement of this---------------------------
GRAND TOYS INTERNATIONAL ANNOUNCES SETTLEMENT OF SECURITIES LITIGATION
MONTREAL, CANADA - September 26, 2001 - Grand Toys International, Inc. (Nasdaq: GRIND, GRIN) today announced that a federal judge for the United States District Court for the Southern District of New York had approved the settlement of a purported class action law suit filed against Grand for $1,975,000, at a scheduled hearing on September 24, 2001.
The suit against the Company and certain of its current directors and a former director alleges that the Company's August 4, 1999 press release announcing an exclusive license to manufacture and distribute products in Canada based upon the "Pokemon" video game and television series was misleading because the license had not yet been executed and, when ultimately executed three weeks later, was non-exclusive. The complaint further alleges that this affected the market price of the Company's stock during the three-week period. The suit was previously dismissed against two of the Company's directors who were not employed by the Company during the period in question.
The settlement was effected without any admission of liability on the part of the defendants, and each of them expressly deny any wrongdoing or liability whatsoever.
------------With my position on lawyers--------
Remember it takes 99% of all lawyers make 1% look bad...
The settlement will result in minimal cost to the Company as a result of coverage under the Company's directors and officers (D & O) liability insurance policy.
Founded in 1960, Grand Toys International, Inc. is a premier licensee and distributor of a wide variety of toys and ancillary items in Canada and since January 1999, a supplier of proprietary products in the United States.
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Preceeded by this.......
Grand Toys announces1-for-4 Reverse Split
MONTREAL, CANADA - September 4, 2001 - Grand Toys International, Inc. (NASDAQ: GRIN, GRIND) announced today that it had approved and undertaken a 1-for-4 "reverse split" of the Company's Common Stock, effective today.
Ian Bradley, President and CEO stated "Although the reverse split was undertaken as part of our plan to regain compliance with the requirements for continued listing on Nasdaq, we believe that the reverse split will broaden the appeal of the Company's shares, especially to investors whose criteria restrict investments in stocks trading at or about the $1.00 share level."
Grand Toys will be decreasing the number of authorized shares of its Common Stock from 50,000,000 to 12,500,000 and correspondingly decreasing the number of issued and outstanding shares of its Common Stock from 5,088,477 to 1,272,120, subject to adjustment as a result of the elimination of fractional shares. The aggregate number of shares of Common Stock reserved for issuance upon exercise of warrants and options would decrease from approximately 2,175,941 shares to 543,985 and would also be subject to adjustment to eliminate fractional shares.
Founded in 1960, Grand Toys International, Inc. is a premier licensee and distributor of a wide variety of toys and ancillary items in Canada and since January 1999, a supplier of proprietary products in the U.S. Created in August 2000, Sababa Toys, Inc. focuses on the development of proprietary products for the toy, novelty and general youth consumer product industries.
------In My OpInIoN--Is a bold move,and will go
down in 2002 to be one of first for this move......The list
of companies that should follow this maneuver
SHOULD BE HUGE..
I am in @ 3 1/4..
Hopefully hanging on for a move to +4
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quicklike-----------JMHO-:)D.A.
grand.com |
