BRYAN, Ohio, Nov. 29, 2004 (PRIMEZONE) -- The Ohio Art Company, (Pink Sheets:OART), today announced an agreement to sell its Strydel Diversified Products division to May and Scofield, LLC. The terms of the sale were not disclosed. The Strydel transaction is contingent upon the occurrence of certain conditions that must be met prior to the transfer of Strydel's assets. The effective date for the transfer is expected to be no later than March 31, 2005. There can be no assurance, however, that the closing will occur.
The Company expects that the transaction will enable it to focus on and strengthen its core competencies, the manufacture and sale of toys and metal lithography.
Established in 1908 and headquartered in Bryan, Ohio, The Ohio Art Company manufactures and markets the world famous Etch A Sketch (R) drawing toy, as well as a complete line of toys that enhance and provide development, creativity, and positive reinforcement. Product lines include "Making Creativity Fun" activity toys, such as Etch A Sketch (R), Magna Doodle (TM), Betty Spaghetty (R) Fashion doll, A.R.M. 4000XL (TM) water toy and ETO (TM), an electronic drawing toy. In addition, the Company's Diversifed Products Division manufactures specialty plastics and lithographed products for the automotive, photographic, food container, and specialty premium markets.
Founded in Howell, Michigan in 1934, May and Scofield is a multi-national company, which offers extensive knowledge, production capabilities, and teams of specialists necessary to take any plastics or electronics project from concept to completion quickly and affordably. The Company's main focus is on the manufacture of transportation shift indicators, gearshift knobs, and plastic assemblies for the automotive industry.
The forward-looking statements contained in this release are based upon various assumptions, and certain risks and uncertainties could cause actual results to differ materially from those stated. For a discussion of factors that may affect actual results, investors should refer to the Company's most recent Form 10-K filed with the SEC. The Company assumes no obligation to update any forward-looking statements contained in this release.