Marx Toys And Entertainment and United Internet Technologies Move Forward on Settlement Negotiations
SEBRING, Ohio--(BUSINESS WIRE)--Sept. 2, 2003--Marx Toys And Entertainment, (OTCBB:MRXT), and United Internet Technologies (UIT), a division of United Leisure Corp. (OTC: UTDL) have agreed in good faith to extend negotiations in the hopes of reaching a conclusion to their dispute.
Because negotiations have continued to move forward in a positive way, both companies have agreed, in good faith to extend negotiations in the hopes of reaching a conclusion to their dispute soon. The companies asked the court on Friday, 8/29, for additional time to structure a long term contract that would resolve their issues out of court and avoid future court appearances.
At the present time, both companies' attorney's are currently reviewing settlement details and Marx believes that the parties may come to an agreement in the next week.
Furthermore, Marx believes that a written agreement would not only resolve the present "IM Buddy" dilemma, but would formulate a relationship for UIT and Marx Toys to work together on additional prospective toy related technologies.
"With UIT's additional product lines, expertise in advanced Artificial Intelligence technology, mixed with Marx's brand recognition, marketing expertise and distribution channels, its a formula for future success", states Steven Wise, CEO of Marx.
Marx expects additional orders immediately upon the completion of an official agreement. |
