WITH DESIGN IN MIND COMPLETES ACQUISITION OF MJL MARKETING INC.
CHATSWORTH, Calif., Oct. 7 /PRNewswire/ -- With Design In Mind International Inc., today announced that it has completed the acquisition of all of the outstanding stock of MJL Marketing Inc., a privately held New Jersey-based manufacturer of products for children which operates under the trade name "Janex". As previously reported, Janex is engaged in the business of designing, manufacturing and marketing products for children. Janex holds a dominant position as the leading United States manufacturer of licensed battery-operated toothbrushes for children, and its product line also includes doll cases, flashlights, candy dispensers and baby doll bedding. Janex differentiates its products from those of the competition through the use of licensed characters. In the past Janex products have included such popular characters as Disney's The Little Mermaid and Teenage Mutant Ninja Turtles. The company currently has a number of well-known characters under license from The Walt Disney Co., including Aladdin and Snow White and the Seven Dwarfs, and from Warner Bros., including Batman and Baby Lamb Chop. Sheldon F. Morick, president and chief executive officer, reiterated his comments on the acquisition, stating, "Janex is the ideal acquisition for With Design in Mind. We have spent over a year looking at possible acquisitions and, of the numerous candidates we have looked at, no other provided the solid base of business and potential for growth that Janex provided. In each of the three most recent years Janex has been profitable, and sales for the 1993 fiscal year are expected to exceed $6 million. In addition, the Janex product line fits in very well with our previously stated strategy of concentrating on functional products for children." Under the stock purchase agreement, the shareholders of MJL Marketing Inc. received 1,200,000 shares of With Design in Mind restricted common stock, with certain registration rights and $600,000 in cash, and will receive $150,000 in January 1994, and a further $1,000,000 payable on an installment basis over a period of three years. -0- 10/7/93 /CONTACT: Sheldon F. Morick, president and CEO, or Michael S. Manahan, VP and CFO, 818-407-1286/
CO: With Design In Mind International Inc.; MJL Marketing Inc. ST: California, New Jersey IN: HOU SU: TNM
JL-LM -- LA018 -- 1214 10/07/93 08:45 EDT
|Printer friendly Cite/link Email Feedback|
|Date:||Oct 7, 1993|
|Previous Article:||LEVITZ FURNITURE INCORPORATED ANNOUNCES SEPTEMBER SALES|
|Next Article:||PICTURETEL CORPORATION LAUNCHES SUBSIDIARY IN AUSTRALIA|