Marx Toys & Entertainment Corp. CEO Resigns - Seasoned Toy Industry Veteran Takes Helm
Thursday September 11, 7:04 am ET
SEBRING, Ohio--(BUSINESS WIRE)--Sept. 11, 2003--Marx Toys and Entertainment Corp. (MRXT.OB) today announced the resignation of Steven Wise, its Chairman of the Board and Chief Executive Officer effective immediately.
"I believe, under the circumstances, this course of action is the best for the Company," said Steven Wise. "
On Friday, September 5th, the Securities and Exchange Commission instituted public administrative and cease-and-desist proceedings against Mr. Wise and a New Jersey stock promoter for alleged violations of the Securities and Exchange Act.
Mr. Wise has denied the allegations and intends to vigorously defend the action brought against him. He states that he is confident that when all the evidence is presented he will be fully vindicated.
Robert LoMonaco, a 34 year veteran of the Toy Industry, and a Director of the Company, has assumed the position of Chief Executive Officer.
"With the "IM BUDDIES" licensing agreement with United Internet Technologies coming on stream the future of the Company looks promising," said Robert LoMonaco the Company's new Chief Executive Officer. "We are looking forward to the challenges of the next few months and will do everything in our power to produce value for our shareholders," he added.
Marx Toys and Entertainment Corporation markets interactive toys and reissued collectable toys, along with classic games, play sets and ride along toys. Marx vintage originals are highly collectable and popular among hobby enthusiasts. Marx branded toys have a rich history dating back to 1928.
Except for historical information contained herein, the matters discussed in this news release are forward looking statements that involve risk and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. However, actual results may differ materially due to a variety of factors, including without limitation the presence of competitors with broader product lines and greater financial resources; intellectual property rights and litigation, needs of liquidity; and the other risks detailed from time to time in the company's reports filed with the Securities and Exchange Commission.
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Source: Marx Toys & Entertainment Corp. |
