Kid Brands,
Inc. KID today announced that, on June 30, 2013, the Company
sold the "Russ" and "Applause" trademarks and trade names and
associated goodwill, which assets were retained by the Company when
it sold its gift business in late 2008.
The purchase price for the intellectual property (which has no value
on the Company's books) was $1.25 million, payable by promissory note
(the "Note") as follows: a $100,000 installment on the Note was paid
on July 2, 2013, a payment of $650,000 is due July 31, 2013, and the
remaining $500,000 is payable in specified installments over a four
year period. The buyer is Larsen and Bowman Holdings Ltd., a Limited
Corporation organized under the laws of British Columbia, and its
obligations under the Note are secured by the intellectual property
purchased. Other terms and conditions of the sale are disclosed in a
Current Report on Form 8-K, to be filed by the Company today.
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