Marx Toys And Entertainment and United Internet Technologies Reach Settlement
9/5/2003 10:39:00 AM
SEBRING, Ohio, Sep 5, 2003 (BUSINESS WIRE) -- Marx Toys And Entertainment, (MRXT) , and United Internet Technologies (UIT) have agreed in principal to a settlement. A definitive agreement is being prepared by the attorneys and is expected to be signed very shortly.
Negotiations have been mediated by Marx's Robert LoMonaco, who has a 2 1/2 year relationship with UIT. LoMonaco, who originally introduced the two companies in January of this year, has been working with all parties to expedite the resolution as quickly as possible. The proposed settlement includes a restructuring of the licensing arrangement with the target being a solid, forward looking relationship between the companies.
"The agreement we have been working on is a comprehensive plan for the companies to work together toward a very bright future," states LoMonaco. "It is a complex pairing of two very different companies that also involves third party licensors. We've been working on much more than simply settling a contract dispute."
As mentioned earlier this week, the companies asked for additional time to structure a long term contract that would resolve their issues out of court and avoid future court appearances. 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.
About Marx Toys And Entertainment Corp.
Marx Toys And Entertainment Corp. manufactures and 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.
"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.
SOURCE: Marx Toys And Entertainment Corp.
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