NEW YORK -- (Business Wire)
4Licensing Corporation (Pink Sheets: FOUR), specializing in the
youth oriented market, previously trading as 4Kids Entertainment, Inc.
(Pink Sheets: KIDEQ), has resumed trading today on the OTC Pink Sheets.
4Licensing Corporation (“4LC”) previously announced that it successfully
emerged from protection under Chapter 11 of the United States Bankruptcy
Code, with all creditors receiving 100 percent of allowed claims.
“We couldn’t be more thrilled about our successful restructuring,” said
Bruce R. Foster, Interim Chief Executive Officer. “Today we resume
trading on the Pink Sheets as 4Licensing Corporation. While the task
ahead is great, we take the responsibility seriously and will work
diligently to leverage all of the Company’s assets. We are now beginning
the road to recovery, one that will take time and require further
patience from our shareholders, but will be keenly aimed at creating
value,” Foster added.
“I am pleased that the Company has been restored to its shareholders and
has reached the level of stability necessary to move forward,” said Jay
Emmett, Chairman of the Board of Directors. “We look to expand our
brands and refocus our resources. The Board of Directors, together with
the management of the company, understands the challenges ahead, and we
intend to meet those challenges – head on,” Emmett added.
About 4Licensing Corporation
4Licensing Corporation (“4LC”) is a licensing company specializing in
the youth oriented market. Through its subsidiaries, 4LC licenses
merchandising rights to popular children’s television series, properties
and product concepts, builds up brands through licensing, develops ideas
and concepts for licensing and plans to forge new license relationships
in the sports licensing industry and develop private label goods that
will be sold to retail or directly to consumers.
The information contained in this press release, other than historical
information, consists of forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995. These
statements may involve risks and uncertainties that could cause actual
results to differ materially from those described in such statements.
Although the company believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance that
such expectations will prove to have been correct. Important factors
beyond the company's control, including general economic conditions,
consumer spending levels, competition from toy companies, motion picture
studios and other licensing companies, the uncertainty of public
response to the company's properties and other factors could cause
actual results to differ materially from the company's expectations.
Contacts:
4Licensing Corporation
Lynda A. Pandolfo, 646-822-4208
lpandolfo@4LicensingCorp.com
Source: 4Licensing Corporation
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