The soap opera continues:
Marx Toys And United Internet Technologies Agree in Principal to Resolve IM
Buddy Dispute
Business Editors
SEBRING, Ohio--(BUSINESS WIRE)--Aug. 19, 2003--Marx Toys And
Entertainment Corporation, (OTCBB: MRXT) is pleased to announce that a
draft Settlement Agreement has been proposed between the parties to
resolve the pending litigation over the Licensing of the IM Buddy.
Under the draft proposal, Marx and UIT acknowledge the settlement
of any and all claims against each other, and UIT retracts its press
release issued on August 18, 2003. As part of the draft Agreement, UIT
acknowledges that the License Agreement between the parties remains
valid with MARX retaining the exclusive right to market IM Buddy
products.
The parties have thus come to an agreement in principal resolving
the lawsuit filed by Marx against UIT. Subject to final resolution and
execution of formal Releases to be prepared by counsel, a Stipulation
of Dismissal to end the case will be filed in the Superior Court of
New Jersey. Going forward, Marx and UIT look forward to a very strong
and profitable relationship.
After lengthy discussions last evening, UIT CEO Brian Shuster
stated that "UIT will be meeting with Marx management over the next
couple of days, working together to finalize a resolution." Steve
Wise, Marx CEO added "I am confident that the proposed resolution will
be finalized shortly and we will move our relationship to a very
profitable end for both companies."
Marx recently announced its second order of 10,000 IM Buddy units.
"Our Sales Team plans on raising it's projections due to the enormous
reception in the field," stated Steven Wise, Marx's CEO. "We had a
conservative goal to sell one million units by the end of this year,
however, we now expect IM Buddy sales to exceed previous projections,"
he added. In the first week alone, nearly $250,000 in orders have been
received by Marx.
The IM Buddy can be pre-ordered on line at www.marxtoys.com.
Counsel has advised the company that until such time as a final
agreement has been signed, the parties maintain their rights and the
proposal is without prejudice. In this regard, in the event an
Agreement is not timely finalized, Marx will pursue all of its rights,
including the appointment of a receiver to ensure that UIT complies
with all aspects of the License. Marx was previously granted a
temporary injunction in the Superior Court, Monmouth County, Chancery
Division under Docket No. C-242-03. Telephone Number 732-431-7000.
About IM Buddies
IM Buddies are a new robotic line which will retail for $24.99.
The toy, for which Marx has an exclusive license, will resemble famous
cartoon characters and real life individuals. The buddy will sit on
top of one's computer monitor and verbalize the user's incoming
messages through an advanced "text to speech" technology. The
animatronic messaging companion not only talks in the actual
character's voice, but has the motorized ability to move it's mouth
and head simultaneously. This companion uses an infrared sensor and is
linked to the front of the computer monitor. Last, it consists of
multifunctional capabilities, which include reading stories and
playing a handful of online games that come packaged with each toy.
About Marx Toys And Entertainment Corp.
Marx Toys And Entertainment Corp. 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 integration into our new
Toy line
About United Leisure Corp.
United Leisure Corporation, through its subsidiary United Internet
Technologies, develops technologies that allow a variety of electronic
devices and consumer electronics to communicate and be controlled over
the Internet and over other digital systems. The Company's
technologies include intelligent control interactive technology and
digitally integrated video overlay. Visit them on the web at
uitlive.com
"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.
--30--NF/ny*
CONTACT: Investor & Media Relations
JD Merlin & Associates
860-857-1462
JDMerlinDotCom@aol.com
jdmerlin.com
KEYWORD: OHIO
INDUSTRY KEYWORD: RETAIL LEGAL/LAW ENTERTAINMENT
SOURCE: Marx Toys And Entertainment Corp.
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Aug-19-2003 13:02 GMT
Symbols:
US;MRXT
Source BW Business Wire
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