Irwin Toy Limited, formerly Canada's largest toy manufacturer, marketer and distributor was sold by the Irwin family to Livgroup in March of 2001. The new owners were recently obliged to place the company into receivership. Along with the rights to the name Irwin Toy, I-Toys has also bought the rights to several of the core brand names which helped establish Irwin Toy as the most successful toy company in Canada and clearing the way for a third manifestation of the company in less than two years.

"This is not a refit of the old Irwin Toy." cautioned a spokesman for the new enterprise. "George and Peter Irwin will be fundamentally organising an entirely new company with little resemblance to the organisation sold to Livgroup in 2001. The popularity and established equity of the name Irwin Toy is however an asset they want to leverage and revitalise."

George Irwin, Chairman and CEO says that he and Peter intend to structure a new Irwin Toy with fewer but more profitable key brands under its flag and focus its marketing to successfully compete in the global market. "We've initially purchased brands with strong sales performance and a clear identification with the Irwin name." states Peter Irwin, President of the new company. "It's our aim to use these brands to establish a firm profit-base, then begin the process of introducing new products targeted to the newest generation of parents and kids with the right mix to ensure broad international consumer appeal and sales."

The new Irwin Toy Limited will be headquartered in Toronto, Canada, and will be producing such classic best-sellers as Pro Stars Hockey Power Play Hockey, Frustration, Travel Games, Blazing Key Cars, Bead Scene and more in Canada and the Orient. With over 50 years of combined Toy experience this 3rd Generation of Irwins plans to build back the company to its former market share through a program of carefully controlled expansion in both the domestic and international marketplace.