JAKKS Announces Closing of $19.3 Million Sale of Common Stock to Joint Venture Partner Hong Kong Meisheng Culture Company Ltd.
28 April 2017 - 12:29AM
Business Wire
JAKKS Pacific, Inc. (NASDAQ: JAKK) today announced that the
Company closed the sale of 3,660,891 shares of the Company’s common
stock to Hong Kong Meisheng Culture Company Ltd. (“Meisheng”) for a
total purchase price of $19.3 million, and that Xiaoqiang Zhao,
Executive Director of Hong Kong Meisheng Culture Company Ltd. and
Chairman of the Board of its parent company Meisheng Cultural &
Creative Corp., Ltd., joins JAKKS’ board of directors.
Stephen Berman, Chairman and Chief Executive Officer, stated:
“We are pleased that Meisheng has increased their equity position
in JAKKS and that Mr. Zhao has become a member of our board of
directors. We are excited about the expanded opportunities in China
that we anticipate will be available to us through our relationship
with Meisheng.”
Xiaoqiang Zhao stated: “We are delighted to add to our
shareholdings in JAKKS. We expect this step will strengthen our two
companies’ strong strategic partnership. I’m also honored to join
JAKKS’ board of directors. I will bring my decades of experience in
the fields of consumer products and management to JAKKS and
anticipate that we will work together to strengthen both companies’
businesses in the United States, China and other markets.”
Meisheng announced in March 2017 that it acquired 1,578,647
shares of the Company’s common stock in open market transactions.
In addition to the joint venture companies established by Meisheng
and JAKKS, Meisheng Cultural & Creative Corp., Ltd. has for
many years been a key manufacturer for the Company.
About JAKKS Pacific, Inc.
JAKKS Pacific, Inc. (NASDAQ: JAKK) is a leading designer,
manufacturer and marketer of toys and consumer products sold
throughout the world, with its headquarters in Santa Monica,
California. JAKKS Pacific’s popular proprietary brands include
BIG-FIGS™, XPV®, Max Tow™ and Friends, Disguise®, Moose Mountain®,
Funnoodle®, Maui®, Kids Only!®; a wide range of
entertainment-inspired products featuring premier licensed
properties; pet products; and C’est Moi™, a skincare and
performance make-up brand. Through JAKKS Cares, the company’s
commitment to philanthropy, JAKKS is helping to make a positive
impact on the lives of children. Visit us at www.jakks.com and
follow us on Instagram (@jakkstoys), Twitter (@jakkstoys) and
Facebook (JAKKS Pacific).
© 2017 JAKKS Pacific, Inc. All rights reserved.
Forward Looking Statements
This press release may contain “forward-looking statements”
(within the meaning of the Private Securities Litigation Reform Act
of 1995) that are based on current expectations, estimates and
projections about JAKKS Pacific's business based partly on
assumptions made by its management. These statements are not
guarantees of future performance and involve risks, uncertainties
and assumptions that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed
or forecasted in such statements due to numerous factors,
including, but not limited to, those described above, changes in
demand for JAKKS' products, product mix, the timing of customer
orders and deliveries, the impact of competitive products and
pricing, and difficulties with integrating acquired businesses. The
“forward-looking statements” contained herein speak only as of the
date on which they are made, and JAKKS undertakes no obligation to
update any of them to reflect events or circumstances after the
date of this release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170427006040/en/
JAKKS Pacific, Inc.Sara Rosales Montalvo,
424-268-9363SaraRM@jakks.netorJoel Bennett,
310-455-6210JoelB@jakks.net
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