Business
The Middleton Doll Company Reports Sale of Doll Business
The Middleton Doll Company Reports Sale of Doll Business.
About this update from Firstime Design Ltd.
[{"type":"text","content":"The Middleton Doll Company Reports Sale of Doll BusinessWaukesha, Wis., March 26, 2010…The Middleton Doll Company reported today that it has sold the assets of Lee Middleton Original Dolls, Inc. (LMOD), its wholly-owned subsidiary that designs and distributes lifelike collectible and play dolls, to the Alexander Doll Company, Inc. for $250,000. Subsequent to the sale, the company has discontinued its operations at LMOD.In connection with this transaction and the sale of certain other assets, the company anticipates that it will use the proceeds to effect a partial redemption of the company’s outstanding preferred stock and pay a dividend to the company’s common shareholders. In the company’s sole discretion, the proceeds may be paid 78% to the holders of preferred stock to effect a partial redemption and 22% to the holders of common stock in the form of a dividend.About The Middleton Doll Company The Middleton Doll Company operates in one segment, consumer products. The Company’s consumer products segment is currently comprised of License Products, Inc., which does business as FirsTime Manufactory, a designer and marketer of clocks and home décor products that are sold to major national retailers. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements, which may be based upon beliefs, expectations and assumptions of the Company’s management and on information currently available to management, are generally identifiable by the use of words such as “believe,” “expect,” “anticipate,” “plan,” “intend,” “estimate,” “may,” “will,” “would,” “could,” “should,” or other similar expressions. Additionally, all statements in this document, including forward-looking statements, speak only as of the date they are made, and the Company undertakes no obligation to update any statement in light of new information or future events. A number of factors, many of which are beyond the ability of the Company to control or predict, could cause actual results to differ materially from those in its forward-looking statements. These fac...