ORLANDO, Fla., May 4, 2004 (PRIMEZONE) -- Raven Moon Entertainment Inc. (OTCBB:RVNM) announced today that they have extended the deadline for the closing of the joint venture agreement with Visionary Concepts Inc. to May 15, 2004. The joint venture agreement is designed to develop JB Toys properties, the "Cuddle Bug" and the "BoBo 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.
The Visionary Concepts team which will join JB Toys and Raven Moon Entertainment in forming the joint venture company, which also includes Judd Nathanson, Roni Murillo, and Cary Kolopsky. Judd Nathanson experience brings Vecta Systems, and Changing Colorz product lines to the Visionary Concepts Inc. product mix. He was president of Toytech Creations and is a 20 year industry veteran. Roni Murillo has 25 years experience which includes running a graphic design studio for a major advertising agency. Roni served on the art and creative staff at H-G and held other creative art and design positions within the Toy industry. Cary Kolopsky brings Visionary Concepts a background of success in the financial, management and investment services areas. He has proven proficient at raising both private and public monies.
The Letter of Intent calls for a definitive agreement to be completed by May 15th, 2004. The joint venture agreement calls for a 50/50 split on gross profits earned through the joint venture agreement.
Raven Moon is currently in the studio completing the 17 episodes necessary for the September, 2004 television program launch of 'Gina D's Kids Club" in which both the "Cuddle Bugs" and "BoBo Blocks" both appear.
For more information on Raven Moon Entertainment visit www.ravenmoon.net.
For Raven Moon Entertainment, Inc investor information call Marc Jablon at (407) 877-5952.
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