Asset Sale Agreement for Monogram International, Inc.Business Editors PLAINVIEW, N.Y.--(BUSINESS WIRE)--February 11, 2002 TOYMAX INTERNATIONAL, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. . (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :TMAX Tmax the time after administration of a drug when the maximum plasma concentration is reached; when the rate of absorption equals the rate of elimination. ), announced today that it has completed an agreement to sell the net assets Net assets The difference between total assets on the one hand and current liabilities and noncapitalized long-term liabilities on the other hand. net assets See owners' equity. of its Monogram monogram [Gr.,=single letter], symbol of a name or names, consisting typically of a letter or several letters worked together. A famous monogram is that of Christ, consisting of X (chi) and P (rho), the first two letters of Christ in Greek. business operations Business operations are those activities involved in the running of a business for the purpose of producing value for the stakeholders. Compare business processes. The outcome of business operations is the harvesting of value from assets ("Monogram,") to V2 Development Company Limited ("V2,") an entity controlled by David Chu, Chairman of Toymax International, Inc ("Toymax"). Pursuant to the agreement, as of November 30, 2001, V2 will pay Toymax $2.25 million upon closing. Monogram's business consists primarily of the sale and distribution of children's gift and novelty leisure products. Prior to the effective date of this agreement, Toymax transferred the operations of the Candy Planet division from Toymax Inc. to Monogram. About Toymax Toymax (www.Toymax.com) is a children's consumer products company that creates, designs and markets innovative and technologically advanced toys and leisure products. Toymax products promote fun and creative play, and are available under several brands: Toymax(R) toys, such as R.A.D.(TM) Robot, Mighty Mo's(TM) vehicles, Laser Challenge(TM) gear, Creepy Crawlers(R) Bug Maker(TM) and the award winning TMX TMX Translation Memory eXchange TMX Trimix (mixture of oxygen, helium and nitrogen used by divers) TMX Tandem Mirror Experiment TMx Time Management System TMX Transparent Matrix (switch; Hekimian) RC(TM) Dragonfly dragonfly, any insect of the order Odonata, which also includes the damselfly. Members of this order are generally large predatory insects and characteristically have chewing mouthparts and four membranous, net-veined wings; they undergo complete metamorphosis. (TM) (radio controlled vehicle; Funnoodle(R) pool and water toys and accessories; Go Fly a Kite(R) kites, lawn and home decor; Candy Planet(TM) candy products; and Monogram International gift, novelty and souvenir products. Toymax is headquartered in Plainview, N.Y. and its products are available at retailers worldwide. The statements made in this press release contain certain forward-looking statements. The Company cautions readers that all forward-looking statements are necessarily speculative and accordingly undue reliance should not be placed on any such forward-looking statements, which only speak as of the date made. Actual results may vary materially from those anticipated by the Company for a variety of reasons, including, without limitation, changing consumer demand for its product; the Company's dependence on the timely development, introduction and customer acceptance of new products; failure to reduce overhead costs overhead costs see fixed costs. ; failure to successfully consolidate the remaining operating businesses; seasonal and quarterly fluctuations; and other risks and uncertainties as may be detailed from time to time in the Company's public announcements and SEC filings. The risks highlighted herein should not be assumed to be the only things that could affect the future performance of the Company. The Company undertakes no obligation to publicly release the results of any revisions to these forward-looking statements, which may be made to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. Readers are referred to the documents filed by the Company with the Securities and Exchange Commission, specifically, the most recent reports filed under the Securities Exchange Act of 1934 and the registration statement filed pursuant to the Securities Act of 1933, which identify important risk factors. |
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