MALIBU, Calif. - Jan. 2, 2002 - JAKKS Pacific, Inc. today announced that it has acquired Kidz Biz Ltd., a UK-based toy company and distributor of JAKKS Pacific products and other toy properties, signifying a strategic move for international expansion. Since 1999, Kidz Biz's UK territory has accounted for the majority of JAKKS Pacific's international sales, and its office in London will serve as JAKKS Pacific's new European Sales Headquarters.
Founded in 1997, Kidz Biz Ltd. is a leading manufacturer and exclusive distributor of toy and leisure products and is primarily concerned with markets within the United Kingdom and Ireland. The company has its headquarters in Epsom, Surrey and a sourcing office in Hong Kong. In 1999, Kidz Biz became the exclusive distributor of JAKKS Pacific's products, a deal which brought the first World Wrestling Federation product to the UK and also includes JAKKS' other brands, including Flying Colors�, Road Champs�, Pentech�, Child Guidance� and Remco�.
"With Kidz Biz as the cornerstone -- and with products in virtually every toy, art, activity, stationery and writing instrument category -- we will now be well positioned to rapidly expand our sales throughout continental Europe," said Stephen Berman, president and COO, JAKKS Pacific. "We are very excited to now initiate our rapid expansion in Europe."
"Our long-term association and our intimate familiarity with JAKKS Pacific, along with our years of experience in sales, marketing and distribution, should ensure a smooth transition for both companies," commented David Lipman, Chairman, Kidz Biz Ltd. "With a strong management team already in place, the new JAKKS Pacific European Headquarters will spearhead this exciting aggressive international expansion."
JAKKS Pacific, Inc. is a multi-brand toy company that designs, develops, produces and markets toys and related products under various brand names (including Flying Colors�, Road Champs�, Remco�, Child Guidance�, Color Club�, and Pentech�) in multiple product categories, including: Wheels; Action Figures; Art/Activities/Stationery; Infant/Pre-School; Writing Instruments; Plush; and Dolls. The Company also participates in a joint venture with THQ that has exclusive worldwide rights to publish and market World Wrestling Federation� video games. Additional information is available at www.jakkspacific.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements. Such statements reflect the current views of the Company with respect to future events and are subject to certain risks, uncertainties and assumptions. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual future results or events may vary materially from those described herein.
