SSCP NEWS
Wednesday August 21, 11:19 am Eastern Time
Press Release
SOURCE: stereoscape.com, inc.
Marx Toys Takes New Direction
New Leadership - Relocates Offices - New Marketing Strategy
FREEHOLD, N.J.--(BUSINESS WIRE)--Aug. 21, 2002--stereoscape.com, inc. (OTC-BB: SSCP - News) today announced the expanding of its Marx Toys, Inc. subsidiary's operations by forming a joint venture between Stereoscape.com and Michael Shalit.
The Joint Venture, known as Michael Marx LLC has opened its main office in Freehold NJ. The operations office and products warehouse will remain in Seebring, Ohio.
As the majority partner in Michael Marx LLC, Stereoscape.com will continue to develop product ideas for future development and investigate overseas market distribution possibilities. Michael Shalit as the operating partner has been chosen to manage the partnership due to his extensive knowledge in business development. He has 33 years of successful business ventures to his credit. Mr. Shalit has been president of NAI/Eric Bram & Co for 30 years, The general Partner for over 20 years of Kimberly Investment Co and has developed and operated a half dozen successful businesses during his career. "Directing Marx Toys is one of the most exciting challenges I have ever been offered," stated Shalit, he further stated that, "I believe the future of Marx is now written in stone: We are growing, we are soon to blossom and we are definitely here to stay. Our ideas are fresh, our reputation is everlasting and our product recognition will be here long after we are all gone."
"We are pleased to announce that Michael Shalit has become our partner and has accepted the responsibility to steer Marx Toys back on course," stated Mario Bassani, Stereoscape's Chairman and CEO. "We renew the Marx promise to deliver quality toys at affordable prices as well as supply the demand for a quality line of Marx Collectibles," he added.
Except for historical information contained herein, the matters discussed in this news release are forward looking statements that involve risk and uncertainties. The forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Actual results may differ materially due to a variety of factors, including without limitation the presence of competitors with broader product lines and greater financial resources; intellectual property rights and litigation, needs of liquidity; and the other risks detailed from time to time in the company's reports filed with the Securities and Exchange Commission.
Contact:
stereoscape.com, inc., Freehold
Mario Bassani, 732/232-0899
