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//house-home.news-articles.net/content/2009/03/3 .. purchases-a-12-4-stake-in-action-products-i.html
Published in House and Home on Tuesday, March 31st 2009 at 7:46 GMT, Last Modified on 2009-03-31 07:47:20 by Market WireORLANDO, FL--(Marketwire - March 31, 2009) - The US Water Treatment & Solar Energy Company, a privately owned, 21-year old New Jersey-based Company, has made an open-market purchase of 12.4% of the issued and outstanding common stock of Action Products International, Inc. (
Action Products International Inc. has filed an 8-K, disclosing that on March 19, 2009, the registrant's board of directors received, and accepted, the resignation from Mr. Neil Swartz as President and interim Chief Financial Officer and a Director, and effective on March 20, 2009, the registrant's Chairperson of the Board and Chief Executive Officer, Warren Kaplan, was appointed as the interim Chief Financial Officer.
In a time of unprecedented business and financial challenges the management of APII and its operating units Action Toys, Inc. and new venture ActMed, the Board felt the company needed the experienced operational management of former CEO and Chairperson Mr. Warren Kaplan. Mr. Kaplan previously saved the company during the banking crises in 1988 and again in 2003, when the company was performing poorly. Mr. Kaplan has come out of retirement and is forming a management team of experienced profit oriented entrepreneurial type employees. In addition, significant shareholders are being recruited to help turn operations. In just three weeks, Mr. Kaplan has accomplished leaner staffing, reduced expenses, and increased sales effort.
Robert Muniz, a veteran of both the company and the toy industry has returned to the corporation. Mr. Muniz was named President of Action Toys. He notes, "As early and challenging as it is, we've already seen a reversal in trend of daily order writing and fulfillment ratio in the 2 weeks I have led the company. The strategy is to stay focused on sales. We have great products and we are concentrating on I Dig and Curiosity Kits brand toys which have seen stronger orders as retailers seek to offer under $10 educational non-violent toys that don't have inactive children sitting and watching a TV set or a computer."
In his first few weeks, Mr. Kaplan reduced staff, flew to meet with the company's banker, and negotiated reduced operating expenses, while taking countless calls from investors and vendors. The company is facing difficulty in accessing its working capital while its lender retains customer payments thereby reducing the company's borrowings to meet updated tougher ratios of collateral securing the company's credit line.
"This makes the challenge more difficult," notes Mr. Kaplan, "but high morale amongst remaining employees counterbalances the tough spots."
The Kaplans have made a loan to the company in an effort to tide it over until serious banking arrangements can be made.
The company plans to file its annual Form 10-K on or about April 14.
About Action Products International, Inc.
Action Products International, Inc. ("APII") is a global manufacturer and distributor of brand-focused consumer products with award-winning brands in the educational toys and crafts product segment. Headquartered in Orlando, Florida, APII's product line includes action figures, play-sets, activity kits and premium wooden toys that emphasize educational fun within the themes of arts and crafts, nature and science. Action Toys Inc. products are distributed to and sold by more than two thousand retail stores worldwide. For more information about the Action Toys Inc., please visit our websites at [ www.apii.com ] and [ www.actiontoysinc.com ]
Safe Harbor Forward-Looking Statements
Statements contained in this release that are not strictly historical are "forward-looking statements." Such forward-looking statements are sometimes identified by words such as "intends," "projects," "anticipates," "believes," "expects" and "hopes." The forward-looking statements are made based on information available as of the date hereof, and APII assumes no obligation to update such forward-looking statements. Editors and investors are cautioned that such forward-looking statements involve risks and uncertainties that could cause APII's actual results to differ materially from those in these forward-looking statements. Such risks and uncertainties include but are not limited to demand for APII's products and services, APII's ability to continue to develop markets, general economic conditions, APII's ability to secure additional financing and other factors that may be more fully described in APII's reports to shareholders and periodic filings with the Securities and Exchange Commission.
