CHATSWORTH, Calif.—Vast Resources Inc., previously doing business as novelty manufacturer Topco Sales, has sold its main operating assets to World Sexy Manufacturing Investment, LLC, and executed a general assignment in favor of Insolvency Services Group Inc.
The sale and assignment are an alternative to a Chapter 7 bankruptcy as a means of winding up the affairs of an insolvent company.
In a statement issued today, Topco officials said all “inventory, equipment and means of production, packaging and shipping, as well as all trademarks, unexpired licenses and other intellectual property, including the Topco name and other business and brand names” have been sold, effective July 2, to WSM Investment.
“Because WSM’s highest priority is to maintain the loyalty of customers of the Topco brand, it currently plans to continue to produce and sell the entire Topco product line and to fill outstanding orders,” the statement reads. “To help achieve these goals, Scott Tucker will be the CEO of WSM (dba Topco) and Michael Siegel will be its COO. Also, WSM has made arrangements to hire the key executive and sales personnel of Vast Resources with whom its customers and vendors have become used to dealing.
“WSM wants to provide a seamless transition for those customers and vendors who remain loyal to the Topco brand,” the statement continued. “The difference is that, moving forward, with the aid of the financial resources of WSM, customers will not experience the kind of delays and back order problems that they may have been experiencing lately with Vast Resources.”
Topco Sales began in 1973 as a small adult novelty business on Third Street in Los Angeles. Founded by CEO Scott Tucker's father, Martin, the company used technology from the aerospace industry to revolutionize the sex toy market. With a business model based on quality and innovation, Topco Sales quickly became one of the largest sex toy manufacturers and an industry leader in product design and development.
Among Topco's many achievements are the creation of the first battery‐free, integrated-circuit-operated vibrators and the groundbreaking CyberSkin material, which looks and feels like the real thing.
Scott Tucker leads Topco Sales development and expansion as president and CEO. The company is headquartered in Chatsworth, Calif., with FDA-approved facilities and the one of the largest materials and process research centers in the industry.
For more information, visit TopcoSales.us.
