Janex International, Inc. Signs Letter of Intent To Acquire 70% of Anvil Studios, Inc.
Wednesday August 01 by Press Release Submission
Phoenix - Janex International, Inc. (OTC Bulletin Board: JANX - news) -- designer, manufacturer, and distributor of unique children's products -- announced today that it has signed a Letter of Intent to acquire 70% ownership of Anvil Studios, Inc. (www.anvilstudios.com) -- a leading-edge theatrical classical animation, 3D, new media, and convergence content company whose client base includes Dreamworks, Hyperion/Disney, Sony/Columbia and Warner Brothers. Included in the acquisition is 70% ownership of the Walrus Corporation (www.walrusweb.com), the developer of patent pending 3D interactive Internet software and other software technologies that make up a new presentation layer for the World Wide Web.
Vincent W. Goett, Janex Chairman and CEO, said, "The acquisition of Anvil Studios gives Janex an immediate significant presence in the children's entertainment industry. The combined attributes of Janex, with our enterprises in toys, games, books and interactive technology, coupled with the capabilities of Anvil Studios to provide theatrical, television and computer graphic/3D animation, solidifies our strategic initiative to establish Janex as a major force in the children's entertainment/educational market.''
Under the terms of the Acquisition Agreement, Anvil Studios for 11.6 million shares of Janex stock and provide an additional $550,000 in working capital.
The operations of Anvil Studios will be directed by their president, Robert Dotson, who has over ten years of upper management experience in technology development and entertainment. Mr. Dotson stated, "With the successful completion of large theatrical projects for Dreamworks, Hyperion/Disney and a joint Sony/Columbia-Warner Brothers production, Anvil Studios has garnered a reputation in the animation industry as having the ability to deliver a higher quality product in shorter time frames than our competitors. We look forward to utilizing our experience and technology to provide animation media products to complement Janex's existing children's product lines.''
Mr. Goett said, "Anvil Studios will leverage its experience and reputation to produce its own original properties. Anvil currently own rights to a full-length animated feature ''Hope Canyon" which has generated significant interest in Hollywood. With the recent completion of the screen play and character models, ''Hope Canyon" is now packaged for financing and distribution agreements. In addition, Anvil is in discussion to participate in the development of a theme park and other merchandising products based on the film.''
Goett also stated that, "Janex will showcase Anvil's 3D interactive animation technology on its innovative and entertaining website: www.okid.com. ''This will enhance the interactive playability and entertainment value of the website for the entire family. Our site's extensive capabilities affords us another medium in which to introduce and merchandise all our of product lines."
Janex's current business focuses on the development, design, manufacturing and marketing of children's toys, games and specialty/educational products, coin banks, flashlights, water activity products and battery operated toothbrushes trademarked under the names Janex, DaMert and Malibu Fun Stuff. Janex incorporates licensed characters into most of its products, and sells its products to the United States' and Canada's mass merchant retailers, toy specialty stores and department stores.
Certain information in this news release does not relate to historical financial information and may be deemed to constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties that could cause the company's actual results in the future to differ materially from its historical results and those presently anticipated and projected.
Among these risks and uncertainties are general economic conditions, especially during peak buying seasons for the company's products; competitive pricing and program changes; manufacturing performance; the company's relationship with its sales, manufacturing and distributing entities; the company's ability to respond to customer change, orders and delivery schedules; demographic trends; the company's ability to control costs; to attract and retain high-quality employees; and the company's ability to maintain its customer base and finalize significant transactions.
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