MONTREAL, June 10 -- Grand Toys International, Inc. announced today that its President and Chief Executive Officer, R. Ian Bradley, has resigned for personal reasons. The Board of Directors will be conducting a search for Mr. Bradley's replacement, in the coming months. In the interim, its current management will guide the stewardship of the Company, which is under Board supervision.
Elliot Bier, Chairman of Grand Toys commented, "We thank Mr. Bradley for his contributions to the Company during his tenure and remain committed to Grand's growth strategy. The Company is definitely in a better financial condition on all fronts since Mr. Bradley joined Grand, and the Board feels that the interim and future management is better poised to grow the Company."
Founded in 1960, Grand Toys International, Inc. is a premier licensee and distributor of a wide variety of toys and ancillary items in Canada and since January 1999, a supplier of proprietary products in the United States.
This news release contains certain forward-looking statements and potential benefits from the Company's acquisition strategy, which are within the meaning of the Private Securities Litigation Reform Act of 1995, and are subject to risk and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include, but are not limited to, those related to business conditions and the financial strength of the retail industry, particularly for toy and toy-related products; the level of consumer spending for such products; the effect of currency translations; the ability of the Company to successfully obtain its products from suppliers; and the success of advertising, marketing and promotional campaigns.
