More on one of Williams fish.
Tuesday July 20, 7:59 am Eastern Time
Company Press Release
SOURCE: Action Products International, Inc.
Action Products Acquires Logiblocs(R) Brand
ORLANDO, Fla., July 20 /PRNewswire/ -- Action Products International, Inc. (Nasdaq: APII - news) today reported that it has finalized its Agreement with Logiblocs Ltd., a UK manufacturer of patented electronic building blocks to acquire exclusive rights within the Americas. The Company had previously announced a Letter of Intent and has now consummated the deal.
While the specifics of the Agreement have not been released, it grants Action the exclusive long-term rights to sell the Logiblocs® product line within North, South and Central America, as well as an ownership stake in Logiblocs, Ltd.
''We negotiated the details of this Agreement to fairly and positively represent value for our shareholders,'' commented CFO, Delton G. de Armas. ''We have arrived at an arrangement that mitigates risk and shares reward.''
''The Agreement marks a true joint venture between Action Products and Logiblocs.'' Ron Kaplan, Action's CEO, continued, ''We're pleased with the arrangement and expect continued positive results. Logiblocs® is a significant component of our brand portfolio and nicely complements our other branded product lines. We are confident that Logiblocs® will continue to open new doors for us as we approach the Toy Industry's peak season.''
Logiblocs® is a patented interactive electronic building system consisting of brightly colored plastic blocks. Each block encases an electronic printed circuit board which has a specific function, indicated by its color. The blocks snap together to create projects, toys, games, and other exciting inventions while introducing the principles of electronics, logic, control, automation, and design. While using the innovative blocks to experiment with their own ideas, children learn how microchip technology controls everyday systems such as computers, elevators, automobiles, and traffic lights.
Copyrights and trademarks for Action Products and Logiblocs mentioned herein are held by their respective owners.
Educational toymaker/publisher Action Products International, Inc. designs, markets and produces a diversified portfolio of branded educational toys and published products including books and CD-ROMs. Its products are marketed and sold to toy stores, specialty retailers, Internet retailers, museums, zoos, theme parks, attractions, catalog companies, and education markets in the United States and worldwide.
For further information, please contact: Action Products International, Inc., Investor Relations at (352) 680-3516 ( investor@apii.com ) or visit them on the World Wide Web at: www.apii.com or www.spacevoyagers.com .
NOTE: Any statements that are not historical facts contained in this release are forward-looking statements. It is possible that the assumptions made by management for purposes of such statements may not materialize. Actual results may differ materially from those projected or implied in any forward-looking statements. Such statements may involve risks and uncertainties including, but not limited to, those relating to product demand, pricing, market acceptance, the effect of economic conditions, and intellectual property rights and the outcome of competitive products, risks in product development, the results of financing effort, the ability to complete transactions, and other risks identified in this release and the Company's Securities and Exchange Commission filings.
SOURCE: Action Products International, Inc.
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