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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current Report Pursuant to Section 13 or 15(d) of
The Securities Act of 1934
Date of Report: OCTOBER 14, 1997
Educational Insights, Inc.
CALIFORNIA 0-23606 95-2392545
(State of (Commission (I.R.S.Employer
incorporation) File Number) Identification No.)
16941 KEEGAN AVENUE, CARSON, CALIFORNIA 90746
(Address of principal executive offices) (Zip Code)
(310) 884-2000
(Registrant's telephone number including area code)
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Item 5. OTHER EVENTS
See the following press release, dated October 14, 1997 announcing a future
change in the officers of the Company. This change will be effective some time
over the next few months:
FOR IMMEDIATE RELEASE
Contact: Heidi Wilson
Educational Insights, Inc.
(310) 884-2236
Carson, CA, October 14, 1997--Educational Insights (NASDAQ: EDIN) announced
today that the company was postponing the introduction of its Big Talk
vocabulary builder machine due to technical difficulties. Educational Insights'
President and Chief Executive Officer Jay Cutler stated that the postponement,
combined with shortfalls in expected production levels on three other products,
will result in lower than originally expected revenue and earnings levels.
He further stated that as a major shareholder and director of the company, he
has concluded that the company would benefit from new leadership; particularly
in the areas of product development, product line expansion, and the development
of new strategic business opportunities. He said that he has, therefore,
decided to resign as President and CEO as soon as a suitable replacement can be
recruited. He added that the company has employed Heidrick & Struggles to
conduct a search for a new CEO.
"I have wanted to pursue other personal interests for some time," said Cutler,
"but I have declined to do so because of my strong feeling of responsibility for
the company."
Cutler anticipates remaining a major shareholder and a director of the company
but had not yet decided whether he would continue to be involved with
Educational Insights, Inc. in any other capacity.
Educational Insights, Inc. designs, develops, and markets a variety of
supplemental educational materials including electronic learning aids, activity
books, science kits, board games, and other materials for use in both schools
and homes. The company's 800+ products and related material cover a broad range
of price points and are designed to supplement more traditional textbook methods
of teaching while making learning fun. The company's product line, led by its
most popular product, the GeoSafari Electronic Learning Game, appeals to
children and students ranging from pre-kindergarten to adult.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
Educational Insights, Inc.
(Registrant)
October 20, 1997 By: /s/ Stephen E. Billis
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Stephen E. Billis
Controller and Secretary
