HONG KONG, Dec. 8 /PRNewswire-FirstCall/ -- Grand Toys International Limited announced that it will hold its Annual General Meeting of Shareholders on Friday, December 22 at 10:00 a.m. at its principal executive offices in Hong Kong. The purpose of the meeting will be for routine corporate matters, including approval of Grand's 2005 financial statements and restated 2004 financial statements, election of directors, approval of director fees and option grants, appointment of auditors and authorizing the Board to issue shares. A proxy statement soliciting approval of these matters was mailed to shareholders and ADR holders on Thursday, November 30, 2006.
Although the matters to be taken at the meeting are routine, they will also mark the continued evolution of Grand. As a result of the recently announced North American restructuring and the addition of Hua Yang and Kord to the Grand group of companies last year, Grand's center of operations has moved away from North America towards Hong Kong and Southern China. Mr. Jeff Hsieh, the beneficial owner of a majority of Grand's shares, believes that the geographic dispersion of the existing board members between Asia and North America will prevent the directors from working as closely with one another and with executive management as the business of Grand will require in the future. Accordingly, Messrs. Elliot Bier, David Fremed and Allen Perl will not stand for re-election to the Board and Mr. Hsieh intends to nominate two persons who are residents of Hong Kong or the surrounding area who will join Mr. Douglas Van as Grand's independent directors and will meet NASDAQ's independence criteria for continued listing.
The change in the geographic focus of Grand's activities has also increased the need for administrative and financial oversight from Grand's Hong Kong base. Elliot Bier will not continue as Grand's Deputy Chief Executive Officer after the meeting but will remain with Grand in a consulting capacity through the term of his contract. Mr. Fremed, Grand's Chief Financial Officer, has indicated that he is not able to relocate to Hong Kong. As a result, Grand will begin a search for a Hong Kong-based Chief Financial Officer to replace Mr. Fremed when his contract expires in the middle of next year.
About Grand Toys International Limited: Grand Toys International Limited is a newly reorganized International company resulting from the acquisition of Playwell International Limited in August 2004, International Playthings, Inc. in March 2005 and Hua Yang Holdings Co., Ltd. and Kord Holdings, Inc. in December 2005. Grand Toys, through its Hong Kong, US and Canadian operating subsidiaries, develops, manufactures and distributes toy and toy related products throughout the world; prints and assembles books and specialty packaging; and develops, manufactures and distributes party goods. Grand Toys' operating subsidiaries have been in continuous operation for up to 45 years. Grand Toys' goal is to become a leading manufacturer, developer, and marketer of toy and toy related products throughout the world. http://www.grand.com/, also http://www.intplay.com/, http://www.huayangprinting.com/ and http://www.kordparty.com/.
This news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on Grand Toys management's current expectations and are subject to risks and uncertainties and changes in circumstances. All forward- looking statements included in this press release are based upon information available to Grand Toys as of the date of the press release, and it assumes no obligation to update or alter its forward-looking statements whether as a result of new information, future events or otherwise. Further information on risks or other factors that could affect Grand Toys' results of operations is detailed in the filings of Grand Toys International Limited with the SEC.
CONTACT:
David J. Fremed
Chief Financial Officer
E-mail:
