EXHIBIT 99.2
FOR: PLAY-BY-PLAY TOYS & NOVELTIES, INC.
CONTACT: JOE M. GUERRA
CHIEF FINANCIAL OFFICER
PLAY-BY-PLAY TOYS & NOVELTIES, INC.
(210) 804-4726
INVESTOR RELATIONS: CHERYL SCHNEIDER
MORGEN-WALKE ASSOCIATES, INC.
(212) 850-5600
MEDIA CONTACT: GREGORY TIBEREND
MORGEN-WALKE ASSOCIATES, INC.
FOR IMMEDIATE RELEASE (212) 850-5600
RICHARD R. NEITZ NAMED PRESIDENT AND CHIEF OPERATING OFFICER OF
PLAY-BY-PLAY TOYS & NOVELTIES, INC.
SAN ANTONIO, TX, NOVEMBER 29, 2000-- PLAY-BY-PLAY TOYS & NOVELTIES, INC.
(NASDAQ: PBYP) today announced that Richard R. Neitz, 51, has been promoted to
President and Chief Operating Officer, reporting to Arturo G. Torres, Chairman
and Chief Executive Officer. Mr. Neitz fills a position previously held by
Raymond Braun.
Mr. Neitz joined the Company in October 1999 as President of the Retail Products
Division. Prior to joining Play-By-Play, Neitz served as the President and Chief
Operating Officer of DSI Toys, Inc. since 1992. Neitz is a member of the Board
of Directors of the Toy Manufacturers of America, serves as a trustee of the Toy
Industry Foundation, and has over 20 years of experience in the toy industry
working in both the U.S. and the Orient.
Arturo G. Torres, Chairman of the Board and Chief Executive Officer, commented,
"I have tremendous confidence in Rick's abilities. Rick's toy industry expertise
and leadership capabilities make him uniquely qualified to assume the positions
of President and Chief Operating Officer. Over the past year, Rick has gained
considerable knowledge and insight about Play-By-Play's business operations, and
has earned the respect and admiration of the Company's Board of Directors and
Senior Management. This is a critical change for the Company; one which I
believe will help restore confidence in Play-By-Play."
Mr. Torres added, "We thank Raymond for his tenure with the Company and we wish
him well in his future endeavors."
Mr. Neitz added, "My primary focus will be on improving operations and enhancing
shareholder value. We will be taking a hard look at our overall business model
and returning to profitability. We'll be working hard at improving our
relationships with our customers, streamlining and improving our product lines,
and re-energizing our employees worldwide. Play-By-Play has very important and
promising core businesses, particularly in the Amusement, Crane and Retail
markets. We also have strong distribution capabilities in North and South
America and Europe. Our goal will be to further leverage these strengths and at
the same time continue to reduce operating costs by changing the way we do
business."
-more-
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Play-By-Play Toys & Novelties, Inc. designs, develops, markets and distributes a
broad line of quality stuffed toys, novelties and consumer electronics based on
its licenses for popular children's entertainment characters, professional
sports team logos and corporate trademarks. The Company also designs, develops
and distributes electronic toys and non-licensed stuffed toys, and markets and
distributes a broad line of non-licensed novelty items. Play-By-Play has license
agreements with major corporations engaged in the children's entertainment
character business, including Warner Bros., Paws, Incorporated, Nintendo, and
many others, for properties such as Looney Tunes(TM), Batman(TM), Superman(TM),
Scooby-Doo(TM), Garfield(TM) and Pokemon(TM).
EXCEPT FOR THE HISTORICAL INFORMATION CONTAINED HEREIN, THE MATTERS DISCUSSED IN
THIS RELEASE ARE FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND UNCERTAINTIES
THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY, INCLUDING, WITHOUT
LIMITATION, RISKS ASSOCIATED WITH THE COMPANY'S LIQUIDITY AND CAPITAL RESOURCES,
RELATIONSHIPS WITH LICENSORS, COMPETITIVE AND ECONOMIC FACTORS, PRICE CHANGES BY
COMPETITORS, ABILITY TO MANAGE GROWTH, ABILITY TO SOURCE PRODUCTS, INTERNATIONAL
TRADE RELATIONS, MANAGEMENT OF QUARTER TO QUARTER RESULTS, INCREASE IN COSTS OF
RAW MATERIALS, TIMING OF TECHNOLOGICAL ADVANCES BY THE COMPANY AND ITS
COMPETITORS, LACK OF ACCEPTANCE BY CONSUMERS OF NEW PRODUCTS, AND THE OTHER
FACTORS DISCUSSED IN THE "RISK FACTORS" SECTION OF THE COMPANY'S FORM 10-K DATED
JULY 31, 2000. UPDATED INFORMATION WILL BE PERIODICALLY PROVIDED BY THE COMPANY
AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
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