Irwin's 1st quarter, 2000, earnings of $874,000.00 or $0.16 per share for the three months ending April 30th, 2000 - compared with a net loss of $998,000.00 or $0.19 per share for the same period of 1999. The results maintained the positive momentum the Company established in 1999, when it generated earnings of $1.717 million compared with a net loss of $3.341 million in 1998.

In announcing the results to a gathering of approximately 1000 young and old shareholders, President George Irwin stated that Irwin Toy has successfully navigated the turn of the corner. "We are now engaged in a process of examination and renewal from which is both invigorating and challenging" he stated. "Irwin Toy is clearly upon a new course and the destination is the Global Market. We have entered the Century of the Consumer."

Mr. Irwin referred to the impact of changing consumer expectations brought on by advances in communications and information technology. "From a Canadian company with an established and successful reputation in the field of distribution and sales, we have emerged as a global marketing organization dedicated to establishing brands of our own manufacture, and cultivating brands through careful and measurable management processes" he stated.

Irwin Toy will continue to develop and market its highly successful lines of interactive dolls and learning aids. A new hi-tech series of Dragonball Z action figures based on characters in the animated cartoon series of the same name will be launched later in the summer to expand the Company's market share in the United States. Rights to market action figures from the Sailor Moon adventure cartoon series in North America and the award winning ReBoot computer-animated television series world-wide, will be used to solidify the Company's position as a major toy supplier in the action figure category.

The Sailor Moon line is scheduled to arrive in major North American retail outlets during the summer. The ReBoot initiative is the product of a new partnership with Mainframe Entertainment, producers of the series. It will result in a new line of action figures, featuring the latest advancements in design, scheduled for introduction during the Christmas season.

During the past year, Irwin moved to develop a level of marketing and branding expertise designed to support its recently launched global marketing programs. The transition will continue this year as the Company realigns its internal resources to meet new demands.

The Company also unveiled a redesigned corporate logo comprising the letters 'I T' in a unique child's handwritten typeface inside a purple ball and announced that four of the Company's long-established products - Meccano, Slinky, YO-YO and Etch-it-Sketch - had been named among the top ten toys of the 20th Century.

The new logo visually illustrates the impact of new technology on the Company and its products and symbolises the intensified effort Irwin Toy is making to reposition itself in more competitive, demanding global markets.

Irwin Toy develops, manufactures, markets and distributes a broad range of toys and games. The Company's business strategy is to provide a diverse range of toys and games and to continually introduce innovative products to its markets in a timely manner. The Company's products are developed by Irwin Toy or are obtained for distribution under license. The Company places a strong emphasis on new product development, leveraging the advances of both manufacturing and digital technologies.

Irwin Toy Limited is the largest Canadian-owned toy company and one of the largest toy companies operating in Canada, manufacturing and distributing over 1,800 toy products.

The principal markets for the Company's products are Canada, the United States and Australia, where the Company markets and distributes both Irwin- developed products and licensed products. In addition to its sales in these countries, the Company's products are marketed around the world.

[Posted 6/29/2000]