MONTREAL, June 24 -- As part of Grand Toys International, Inc's strategic repositioning, the Company announced today that it has sold its' wholly-owned U.S. subsidiary, Sababa Toys, Inc. to a new entity created by its existing management, A. Stone Newman and Daniel A. Chernek, the Vice-Presidents of Sababa, and their investor group.
Sababa Toys, Inc. focused on the development of proprietary products in the toy, novelty and general youth consumer product industries.
"We wish Stone and Daniel continued success in the growth of Sababa," said Tania Clarke, Grand's CFO and Executive Vice President. Mr. Newman said, "Our experience as part of the Grand family has been an important and positive one."
Grand will continue to further its strategy of developing profitable proprietary products for sale in the Canadian, U.S. and International markets.
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 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.
