MONTREAL, QUEBEC -- (Marketwire) -- 09/02/08 -- Optimal Group Inc. (NASDAQ: OPMR) today announced the acquisition of Sablon Distribution S.A., a prominent toy distributor in the Benelux countries, Austria, Germany and Switzerland, based in Wauthier-Braine, Belgium. The acquisition strengthens and broadens the direct distribution structure of the Corporation's WowWee business division and positions WowWee closer to retailers and end users in Sablon's markets. The former owners and senior management team of Sablon will remain with the company and they will continue to operate in the same capacities.
The acquisition was completed at an all-cash price of EUR3.8 million paid upon completion of the acquisition plus up to an additional EUR1.2 million payable in the first quarter of 2009 depending upon the consolidated net equity of Sablon at the end of 2008 and an earnout based on the consolidated net revenues of Sablon in each of 2009 and 2010.
About WowWee
WowWee, an Optimal Group company, is a leading designer, developer, marketer and distributor of innovative hi-tech consumer robotic and entertainment products. With its next generation of cutting edge, technologically advanced products, consumers can see items from five distinct lines in 2008 - WowWee Robotics, WowWee FlyTech, WowWee Alive and WowWee Technologies - that include innovations that walk, talk, crawl, fly, purr and enable remote telepresence and communications, and from WowWee's recently established Think Wow Toys division that produces 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 WowWee group of companies maintains operations in Hong Kong, La Jolla, California and Montreal, Quebec.
For more information, please visit WowWee's web site at www.wowwee.com.
For more information about Optimal Group, please visit the Company's website at www.optimalgrp.com.
WowWee Robotics, WowWee Flytech, WowWee Alive and WowWee Technologies are trademarks or registered trademarks of WowWee Group Limited. All other trademarks are the property of their respective owners.
Cautionary Statements Regarding Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.
