L. L. Knickerbocker Subsidiary Magic Attic Press and Publisher Millbrook Join Forces
LAKE FOREST, Calif. -- The L. L. Knickerbocker Co., Inc. (Nasdaq: KNIC) today announced that Magic Attic Press, Inc., its wholly- owned subsidiary and publisher of the popular Magic Attic Club children's book series, signed an agreement with Millbrook Press, Inc. Of Brookfield, CT. The Millbrook Press, a publisher of children's books for the consumer and school and library markets, will handle the ongoing production, marketing, sales and distribution of the Magic Attic Press line and will be financially responsible for those activities. Both Millbrook and Magic Attic Press will share the product development costs.
Christine E. Taylor, Vice President, Magic Attic Club and Magic Attic Press, also announced that the New York office of Magic Attic Press will be closed, and management, creative and editorial functions will be supported by existing personnel at the Portland, Maine facility. "Magic Attic Club, the catalog business, and Magic Attic Press, the publishing business, are strategically aligned to support one another. Cost saving measures such as this consolidation, along with the alliance with Millbrook, will allow the book business to run more efficiently," said Ms. Taylor. "Millbrook and Magic Attic Press will each be utilizing their strengths which will mutually benefit our respective book businesses."
Jeff Conrad, President of Millbrook Press, said, "With Millbrook's marketing and distribution strength, the Magic Attic Club series will continue to build a strong following in the children's book market."
Robert West, COO of L. L. Knickerbocker, said, "We are pleased to be announcing this strategic partnership. We are very serious in our goals to accomplish cost savings and efficiencies to improve our bottom line. Our roadmap is clear and every measurable improvement is critical to achieve our outlined strategies."
Magic Attic Press published its newest book in the series, "The Ghost of Camp Whispering Pines," by Susan Korman, in March 1998. The Magic Attic Club and Magic Attic Press businesses are just three years old. Magic Attic Press recently received an award for its new book display at the Point of Purchase Advertising Institute (POPAI) show in New York. Magic Attic Club has been nominated in the children's category for the Annual Catalog Age Awards to be announced at the catalog conference in Boston on June 3.
The Millbrook Press, which was founded in 1991 and publishes approximately 250 titles per year, became a public company in 1996.
The L. L. Knickerbocker Co., Inc. is a diverse international company with operations in three strategic divisions: collectibles, jewelry and investments. The Company markets all of its products worldwide. Through its investments division, it has a 50% interest in Arkenol Asia, Inc., an approximate 28% equity interest in Pure Energy Corporation, and an approximate 13% equity interest in Ontro, Inc., adjusted for the public offering.
For more information visit The L. L. Knickerbocker Co. web site at www.knickerbocker.com
This press release contains forward-looking statements within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, which involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors affecting the Company's operations, markets, products, services and prices, and other factors. The Company's actual results could differ materially from those projected in the forward-looking statements as a result of the factors described herein.
/CONTACT: Robert West of L. L. Knickerbocker, 714-595-7900; Jeff Conrad
of Millbrook Press, Inc., 203-740-2220; or Fran Daniels of Financial Sciences of America, 310-278-4413/
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