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Grand Toys International Limited
Grand Toys Announces Update on Divestiture of International Playthings Subsidiary and Delay in Filing Annual Report
July 13th, 2008
Grand Toys International Limited (NASDAQ:GRIN) (the "Company") announced that an initial exclusive period previously granted to a potential purchaser of its subsidiary, International Playthings, Inc. ("IPI"), to present a binding offer to purchase IPI has been terminated. The Board is entering into non-exclusive discussions with a number of potential buyers for IPI with a view to completing a sale in the next few months. The Company also announced it is unable to file its Annual Report on Form 20-F for the year ended December 31, 2007 within the prescribed time period because, as previously disclosed, the Company is in the process of liquidating its subsidiary, Hua Yang...
Source: Pharma Investments, Ventures & Law Weekly (2008-07-13)
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