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JAKKS To Initiate Stock Repurchase Program
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JAKKS Pacific, Inc. today announced that its Board of Directors has authorized a stock repurchase program whereby up to 1.5 million shares of the Company's outstanding common stock may be purchased by the company from time to time in the open market. ``Based upon the current market price,'' said Jack Friedman, Chairman and Chief Executive Officer of JAKKS Pacific, Inc., ``we believe our stock is undervalued and that a repurchase of shares represents a prudent use of available cash. The repurchase program is indicative of our commitment to enhancing shareholder value, and it reflects the Board's confidence in the future prospects for the Company.'' JAKKS Pacific 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, and Pentech) in multiple product categories, including: Wheels; Action Figures; Crafts/Activities/Stationery; Infant/Pre-School; Trading Cards/Games; Plush; and Dolls. The Company also participates in a joint venture that has exclusive worldwide rights to publish and market World Wrestling Federation (WWF) video games. ``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. [Posted 8/03/2000]
  
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