March 29, 2010 (FinancialWire) — The Middleton Doll Co. (OTCBB: DOLL) said it has sold the assets of Lee Middleton Original Dolls, Inc., its wholly-owned subsidiary that designs and distributes lifelike collectible and play dolls, to the Alexander Doll Co., Inc. for $250,000.

Subsequent to the sale, the company has discontinued its operations at LMOD.

The company said that, in connection with this transaction and the sale of certain other assets, it anticipates that it will use the proceeds to effect a partial redemption of the company’s outstanding preferred stock and pay a dividend to Middleton’s common shareholders.

In a statement, Middleton added that the proceeds may be paid 78% to the holders of preferred stock to effect a partial redemption and 22% to the holders of common stock in the form of a dividend.

Wisconsin-based Middleton Doll operates in one segment, consumer products. The company’s consumer products segment is currently comprised of License Products, Inc., which does business as FirsTime Manufactory, a designer and marketer of clocks and home décor products that are sold to national retailers.

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