SEBRING, Ohio, Feb. 24 /PRNewswire-FirstCall/ -- Marx Toys and Entertainment Corp. (OTC Bulletin Board: MRXT - News) announced today its acceptance of Robert LoMonaco's resignation as CEO, President and Director of the company tendered on January 21, 2004. Robert Bambery, a Director with the company, will assume the position of CEO effective immediately. In accepting Mr. LoMonaco's resignation, Mr. Bambery noted the recent arrest of LoMonaco on charges alleging securities fraud, as well as LoMonaco being the subject of an SEC administrative proceeding. Mr. Bambery further noted that, as part of his resignation, Mr. LoMonaco waived any compensation (including capital stock of the company) due him under his employment agreement executed April 10, 2003 with an effective date of December 1, 2002.
Mr. Bambery has filled the vacancies on the board to revive the company so that it can aggressively move forward with existing projects and new opportunities for the benefit of its shareholders. The new directors are Jay Horowitz and Erik Ryen.

Jay brings 35 years of Toy Industry experience with him. Jay owned Marx between 1982 and 2000. He is familiar with the history of Marx Toys, its prior talent, and its products and molds. Jay is an expert in injection molding, plastic molds, product development and every aspect of conventional toy manufacturing. Jay is also the author of "Marx Western Playsets," a book on the history of Marx Toys.

Erik Ryen has 30 years experience in physics, electronics and robotics. Erik began his career as physicist at the Institute for Atomic Energy (IFA) Kjeller working on experiments inside the Atomic Reactor Hall. He moved on to inventing various robots used on an international corporate level. He also brings to Marx over 30 years in micro-computer programming, real-time process control systems, disk operating systems and display and operator communication systems.

About Marx Toys and Entertainment Corp.

Marx Toys and Entertainment Corp. manufactures and markets interactive toys and reissued collectible toys, along with classic games and playsets. Marx's vintage originals are highly collectible amongst hobby enthusiasts. Marx branded toys are sold at toy and hobby retailers across the U.S. and have a rich history of more than 75 years in the industry. To read more on this history, visit www.marxtoys.com.

CAUTIONARY STATEMENT FOR PURPOSES OF THE "SAFE HARBOR" PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: Statements other than historical facts contained in this press release concerning our business strategy and plans of management for future operations are "forward looking statements." Such statements are based on management's beliefs and assumptions and on information currently available and involve certain known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. Factors include, among others, our ability to finance our operations and the ability to obtain such financing; the successful completion of any prior and future acquisitions; any uncertainties relating to the integration of acquired businesses and operations; any disputes with, and claims asserted by, our creditors and other third parties; uncertainties relating to business and economic conditions in markets in which we operate; uncertainties relating to customer plans and commitments; the timely development and market acceptance of our products and the highly competitive industry in which we operate. We undertake no obligation to update any forward-looking statements in this press release.

CONTACT INFORMATION: Marx Toys & Entertainment Corp.
Michael Springer
330-938-1749