August 26th, 2008
HONG KONG - August 26, 2008 - WowWee, a leading designer, developer, marketer and distributor of innovative high-tech consumer robotic and entertainment products, today announced the recent acquisition of the assets and business of Think Tank Toys Inc. by WowWee USA, Inc. Think Tank Toys, run by industry veteran Scott Bachrach, develops, manufactures and markets plush toys, novelty items, action figures and promotional toys, including third-party licensed characters and properties such as Disney's Hannah Montana, High School Musical, and Camp Rock, Chorion's Mister Men Limited, Wildflower Group's MAD LIBS, and MEG's In My Pocket line.
The integration of the Think Tank Toys business will provide WowWee with entry into lower-priced merchandise, thereby decreasing reliance on seasonal sales, and with access to additional channels of distribution. Think Tank Toys will leverage WowWee's technology strength, operational organization and worldwide distribution network.
"Scott has an extensive background in identifying trends and we are thrilled to have him and the rest of Think Tank join our team," said Richard Yanofsky, CEO of WowWee Canada. "This agreement allows us to continue to broaden our business and deliver entertainment products for all ages and at all price points."
"The WowWee team has a track record of creating and introducing innovative new products and technologies into the marketplace," said Scott Bachrach, Chief Executive Officer and President of Think Tank Toys Inc. "We look forward to combining our teams' industry knowledge and expertise to create novel, fun and affordable new product lines."
Think Tank was founded in November 2006 by Bachrach and in less than a year the Company has developed a series of novelty products to include, 3d animators, licensed slap bands, interactive plush and more that are being distributed in multiple countries around the world.
WowWee revolutionized the way we interact with entertainment robotic companions with its Robosapien robot in 2004, the first commercially-available biomorphic robot. WowWee continues to forge new categories in personal robotics and entertainment with innovations that walk, talk, crawl, fly, purr and enable remote telepresence and communications.
About Think Tank Toys
Think Tank Toys develops, manufactures and markets toys, novelties, action figures and plush toys, including characters from third party licenses. Such licensed products include Hannah Montana, High School Musical, Camp Rock, Mr. Men/Little Miss and several others. Think Tank Toys sells its products direct through its employees and independent sales representatives. Purchasers of Think Tank Toys products are retail chain stores, department stores, mass merchandisers, toys specialty stores and wholesalers. Its largest customers are accounts including Toys "R" Us, Wal-Mart, KB Toys, Kmart and Target.
WowWee is a leading designer, developer, marketer and distributor of innovative hi-tech consumer robotic and entertainment products. The WowWee group of companies maintains operations in Hong Kong, La Jolla, California and Montreal, Quebec.
For more information, please visit the Company's web site at www.wowwee.com.
360 Public Relations
360 Public Relations