NKC(IF) inks worldwide distribution with The Learning Company (NYSE:TLC)
NewKidCo Announces Exclusive Worldwide Distribution Agreement with The Learning Company
Deal Leads off with Shipment of Sesame Street(R) Branded Videogames for PlayStation(R) and Game Boy Color(R)
BURLINGTON, Mass.--(BUSINESS WIRE)--March 4, 1999-- NewKidCo International Inc.(OTC BB:NKCIF; TSE:NKC) announced today a worldwide distribution agreement with The Learning Company, Inc.(NYSE:TLC - news) under which all of NewKidCo's children's video game software will be sold and distributed exclusively by The Learning Company. The multi-year agreement contemplates required minimum annual purchases by The Learning Company and provides for a $2,000,000(U.S.) advance to NewKidCo by The Learning Company.
''NewKidCo's product line provides us a unique opportunity to achieve significant market share in the burgeoning children's video game market,'' said Greg Bestick, President of the TLC Learning Division. ''With NewKidCo's portfolio of video games based on the leading children's characters, we see a perfect fit.''
''As we break ground in the young children's video game market, this agreement provides us access to additional resources and strengthens our ability to market and distribute more effectively to retailers worldwide,'' says Hank Kaplan, President of NewKidCo LLC. ''We also foresee that this arrangement will enhance our appeal as a partner to licensors of the top children's characters.''
''This partnership with The Learning Company validates our strategy and further positions NewKidCo to become the leader in young children's video games,'' said Richard Rabins, CEO of NewKidCo International Inc.
As part of this distribution agreement, NewKidCo today announced that it has begun shipment of Elmo's ABCs(TM) and Elmo's 123s(TM) for Game Boy Color and Elmo's Letter Adventure(TM) for PlayStation. Later this month the two companies plan to ship the second Sesame Street PlayStation title, Elmo's Number Journey(TM), as well as, Hello Kitty's Cube Frenzy(TM), a PlayStation game designed for girls..."
source: © 03/04/1999 Thursday March 4, 6:58 am Eastern Time
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