SANTA MONICA, Calif.--(BUSINESS WIRE)--Apr. 27, 2017--
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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Source: JAKKS Pacific, Inc.
JAKKS Pacific, Inc.
Sara Rosales Montalvo, 424-268-9363