Grand Toys signs Letter of Intent to sell its Playthings

Grand Toys International Ltd. (GRIN: News, Chart, Quote ) on Wednesday said it signed a non-binding agreement to divest its subsidiary, International Playthings, Inc. The toy maker said it also gave the potential buyer an initial 30-days exclusive period to make a binding offer for International Playthings.

The Hong Kong-based firm noted that the non-binding agreement is subject to due diligence, negotiation of definitive agreements, and other conditions.

Grand Toys develops, manufactures, and distributes toy and toy-related products worldwide. It also develops and manufactures party goods. The company has operating subsidiaries in Hong Kong, People's Republic of China, and the U.S.

GRIN closed Tuesday's regular trading at $0.65, down $0.02, on a volume of 5K shares.