ORLANDO, Fla., April 1, 2004 (PRIMEZONE) -- Raven Moon Entertainment Inc. (OTCBB:RVNM) announced today that it has signed a letter of intent with Visionary Concepts, Inc. The joint venture agreement is designed to develop JB Toys properties, the "Cuddle Bug" and the Bo Bo Blocks.
Visionary Concepts Inc. is led by toy industry giant Gil Felsenthal. For 38 years Mr. Felsenthal served as president and major shareholder of H-G Industries, H-G Toys, H-G Toys (HK) Ltd, Board King Inc. and many acquired subsidiaries such as Palmer Plastics (Hobby Kits), Payton Products (Plastic action and wheel toys), Vera Products (beach & garden toys), Travel Toys Inc. (Vinyl cases) and many others over the years.
H-G Toys started the major trend to character licensing and was Mattel & Hasbro's top toy licensee as well as a major player with Disney, Warner Bros., Fox, Paramount, Sesame St. and most all of the film and animation studios. Among H-G's credits was joining in the Mattel launch of Masters Of the Universe and partnered w/Coleco to be no. 2 in the Cabbage Patch introduction.
H-G Toys brought Smurf to the mass market and successfully launched many properties most people passed such as Chips, Happy Days, all the Aaron Spelling action shows (Charlies Angels, Swat etc.).
"We see a lot of potential in the toy concepts developed by JB Toys. Both the 'Cuddle Bug' and Bo Bo Blocks properties look like real winners," stated Visionary Concepts' Gil Felsenthal.
The Letter of Intent calls for a definitive agreement to be completed by April 30th, 2004. The joint venture agreement calls for a 50/50 split on gross profits earned through the joint venture agreement.
"We feel very comfortable with the Visionary Concepts team of professionals. We trust in their ability to make our dreams a success," stated Joey DiFrancesco, Raven Moon CEO.
Raven Moon is currently in the studio completing the 15 episodes necessary for the September, 2004 television program launch of "Gina D's Kids Club," in which both the "Cuddle Bugs" and Bo Bo Blocks both appear. The company expects to conclude television syndication agreements in the near future.
For more information on Raven Moon Entertainment visit www.ravenmoon.net.
For Syndication call Keith Jablon at (321) 217-6994, For Promotion call Peter Bennett at (212) 541-5221, For Licensing call David Fingeroth at (201) 873-0678 or Sheldon Goldberg at (818) 609-0678.
For Club House Videos Inc. investor information call 1-866-THE-APPLE or 1-866-843-2775 or Marc Jablon at (407) 877-5952 for Raven Moon Entertainment, Inc.
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