With Design to Enter Stock-Purchase Pact

With Design in Mind International Inc., a Chatsworth maker of toys and novelty gift items, said it expects to acquire MJL Marketing Inc., a privately-held New Jersey maker of children’s products, in a stock purchase valued at about $2.8 million.

Under the stock-purchase agreement, MJL shareholders will receive 1.2 million shares of With Design’s restricted common stock, $600,000 at the closing of the sale, $150,000 in January and $1 million payable on an installment basis over the next three years.

With Design said it expects to sign the agreement Wednesday.

MJL, which operates under the trade name Janex, has been in business since 1971 and has been profitable the past three years. MJL’s 1993 sales are expected to exceed $6 million.