Marx Toys and Entertainment Corporation Acquires Toyshare, Inc.
Marx Toys and Entertainment Corporation (MRXT) Acquires Toyshare, Inc., Changes Company Name to Toyshare, Inc., Executes a Reverse Stock Split and Begins Trading Under New Symbol "TYHR".
Salt Lake City, UT (PRWEB) July 9, 2007 -- Marx Toys and Entertainment Corp. today announced that it has acquired Toyshare, Inc., of Salt Lake City, Utah in a reverse acquisition and has changed its name to Toyshare, Inc. Simultaneously with the acquisition, Marx Toys and Entertainment Corp. announced that it executed a 1:1000 reverse stock split.
The one-for-one thousand reverse split means that effective immediately, shareholders will receive one share of Toyshare, Inc. stock in exchange for the one thousand they currently own of Marx Toys and Entertainment Corp. Prior to this action, Marx Toys and Entertainment Corp. had in excess of 200 million shares outstanding. The acquisition and reverse split would reduce that number to less than 30 million shares outstanding.
Mitch Cohen, Chairman of Toyshare, Inc., said the company is pleased with the acquisition and trading of Toyshare's stock on the Pink Sheets". He continued. "we see this as a major step forward for the company and our shareholders as we execute our business plan to expand Toyshare throughout the USA".
Toyshare is a like a "country club" for recreational toys. Toyshare members have access to the latest models of motor homes, boats, wave runners, ATV's and snow mobiles without the worry and hassles of ownership. Toyshare takes care of the maintenance, insurance, storage, taxes and registration, leaving its members free to get out and play. Members are entitled to use the equipment the same way a member of a country club may make a tee time to play golf. Toyshare offers four levels ofmembership customized to its members individual usage needs.
According to Mr.Cohen, "the limited number of days that the typical family can devote to recreation often does not justify the various costs associated with ownership. Our members could afford to own any of the various pieces of equipment, they just choose not too. For example, the costs of owning a typical boat can be thousands of dollars per year, which can translate to hundreds if not thousands of dollars per outing depending on how often the boat is used." "Toyshare offers an economical option, that until now just was not available," said Cohen.
Toyshare, Inc. does not characterize itself as a "time share" company, because, according to Cohen, "members take out a four-wheeler today, a wave runner tomorrow, a boat the next day and keep taking things out until you run out of credits." This contrasts sharply with the rigid scheduling restraints of the typical time share company.
About Toyshare, Inc.
Toyshare, Inc. began operations in Salt Lake City in 2004 as a membership club for recreational toys including motor homes, boats, wave runners, ATV's and snowmobiles. Today, the Salt Lake operation has over 400 members. The company has proved its concept over the last two years and is now poised for rapid expansion.
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