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To: Lola who wrote (2879)	11/23/1999 9:34:00 AM
From: JD	Read Replies (1) \| Respond to of 4766

(COMTEX) B: Play Co. Toys Announces $27 Million IPO of Subsidiary On B: Play Co. Toys Announces $27 Million IPO of Subsidiary On Frankfurt Exchange SAN MARCOS, Calif., Nov 23, 1999 (BUSINESS WIRE) -- OTC SYMBOLS: Common Stock - PLCO Series E Preferred Stock - PLCOP Series E Preferred Stock Warrants - PLCOW Play Co. Toys & Entertainment Corp. ("Play Co. Toys") today announced the successful completion of an initial public offering of its Toys International.COM, Inc. subsidiary ("Toys") on the SMAX segment of the Frankfurt Stock Exchange in Germany. The offering was completed on November 19, 1999 and was underwritten by Concord Effekten ("Concord") of Frankfurt, Germany. Toys sold 2 million shares, or a 16.7% interest in Toys, in the IPO for gross proceeds of approximately $27 million. The offering was priced at 13 Euro per share, which was the top end of the price range. The 13 Euro share price is approximately equal to $13.52 per share. The 13 Euro share price represents a post-IPO valuation of Toys of approximately $162 million. Play Co. Toys retains majority ownership of Toys with a 58.4% equity interest in the subsidiary and, as a result, will continue to consolidate Toys' operations in its financial statements. In addition to the 2 million shares sold by Toys in the offering, Concord and another investor sold 200,000 shares each in the offering in the form of a greenshoe allotment. Both Concord and the other investor invested in Toys in a private placement in July 1999. The total offering size, including the greenshoe allotment, was 2.4 million shares. Richard Brady, President of the Company stated, "We are honored to be the first U.S. company represented on the SMAX segment of the Frankfurt Stock exchange. We are extremely proud of all of our employees who worked around the clock over the last months to get our European web site www.webjumbo.de up and running. We are very gratified by the support we have received from our German manufacturing partners. Special recognition needs to go to Brian Bonnett, President of our Internet division and his staff in the U.S. and in Germany who went beyond the call of duty to get our German website up and running. Through this effort, we are able to enhance our shareholder value." Richard Brady continued, "The monies raised in this IPO will allow Toys to expand its Internet presence and at the same time continue to grow its retail business. We are firmly committed to our mission statement of retail stores and Internet being the solution and the future." Webjumbo.de has been designed to serve the German language market through Deutsche Telekom (DT), Yahoo ("YHOO"), Alta Vista ("CBGI") and other Internet providers in Germany. Deutsche Post handles distribution through their fulfillment center in Holland and their call center in Ireland, which positions Toys for full scale distribution throughout continental Europe. Brian Bonnett, President of the Internet division stated, "In addition to our German distribution, by the Fall of next year we expect full distribution capabilities to service all of continental Europe, including France, Spain and Italy. We plan to ship into the first of these markets in the Spring of next year." Play Co. Toys is a toy retailer with 32 stores located in Arizona, California, Illinois, Michigan, Nevada, North Carolina and Texas. 25 of the stores are operated through the Toys subsidiary. The Company operates under the Play Co. Toys, Toys International and Toy Co. tradenames. Play Co. Toys specializes in offering educational, specialty, collectible, and traditional toys. The Company's Internet operations are operated through the Toys subsidiary. Statements contained in this press release which are not historical facts may be considered forward looking information with respect to plans, projections, or future performance of Play Co. Toys or Toys International.Com as defined under the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those projected. Copyright (C) 1999 Business Wire. All rights reserved.