Code 3 Collectibles Ceases Production

[x635 4,066]

FOR IMMEDIATE RELEASE

Code 3 Collectibles Ceases Production

Van Nuys, CA, August 19, 2011 Matrix Holdings Limited, announces that 2011 will be the last year of production of Code 3 Collectible die-cast vehicles. The company, Code 3 Collectibles (www.code3.net), will continue to operate its online business in an effort to sell all remaining inventory until further notice.

Arnie Rubin, founder of Funrise Toy Corporation, launched Code 3 Collectibles in 1997, aiming to ignite the emotional chord between Funrise Toys and the "little kid" in "big kids" - the adult toy collector. Code 3 Collectibles focused on producing high quality, limited edition die-cast replicas of emergency and firefighting vehicles, but also held licenses to create collectibles for Smithsonian Air and Space Products, Star Wars licensed products and a line of 3-D movie posters under the brand Legendary Casts.

"We have been passionate about the Code 3 Collectibles brand since we launched in 1997. During that time, we have had an amazing connection with our collector base. We appreciated their passion and loyalty. Unfortunately, the recent economic downturn has made it extremely difficult to continue the high standards of manufacturing that has made Code 3 Collectibles who we are," said Arnie Rubin, CEO of Code 3 Collectibles.

Funrise Toy Corporation and Code 3 Collectibles are headquartered in Van Nuys, CA, and are wholly-owned subsidiaries of Matrix Holdings Limited. Arnie Rubin is both CEO of Funrise and Code 3 Collectibles, and Vice Chairman of Matrix.

[AndyC3J 190]

Just read that myself a few minutes ago. Sad news, but can't say it surprises me.

[x635 4,066]

Very sad news. I know the economy is bad, and people don't have as much disposable income anymore, but Code 3 has been dying in the past few years, even before this reccesion, mainly because of the extremly out of touch "leadership" of the company. They should have kept the original staff, or at least made an effort to, and kept to their enthusiastic original business model. Instead, they incorporated it into Funrise, forced all the Code 3 leadership and staff out, jacked their prices up beyond the reach of their avergage customer, ceased any type of collector relations, and hasn't done any R&D since at least 2007. When they closed their original bulletin board, I knew that was the nail in the coffin. Although there was drama, a lot was accomplished on it. Hopefully, someone can pick this up and bring it back to what it used to be.

[PEMO3 523]

Seth I can't agree with you more. Over time they seemed to forget who they started the line for and what it was about. I have a large collection and will be sad to see them go but hey their value just went up!!!

[x635 4,066]

Larry, from FireEngines.net, has posted this tribute. Very well done.

http://fireengines.net/articles/code3_goodbye/

[lad45der 78]

I have over 200 of these models including every single FDNY piece. These rigs really dropped off in detail in recent years. I saw this coming I wished they made a Tower Ladder like 10 truck. Good Riddens

[Anesti 329]

I havent bought a code 3 model for over 4 years now, not because of money issue,but because the product isnt what it used to be. I know they put 100 % in every model,but i could buy a better kitbash off of ebay.

[jjpinto 297]

I was one of two that worked with Code 3 on the FDNY Models. I was with Code 3 since 1997 and it was a great ride. This past Wednesday Funrise in formed me that Code 3 has ceased its operation. September they were supposed to release FDNY Engine 234, followed by Ladder 35 and then Ladder 38's Seagrave rearmount and finish up the year with Engine 88. But with the way the economy is and the way these models were selling, Matrix thought it was best to close down Code 3. Its a shame because over the years Code 3 produced a great product but the last four years shabby models were released over our objections. 2011 we started to see a turn around. During those four years quite a few of these models that were released were flops. The biggest flop which should have been the biggest seller was the 900 Series ALF TDA. We had knowledgeable people in place with blueprints and still there were many mistakes on both the open and closed cab versions. With the many mistakes, Code 3 closed down production on this model and took a huge loss. I enjoyed my years with Code 3 and maybe our paths will cross again in the future.

[38ff 250]

Any chance the company will be bought, and production resumes?

[JBE 328]

As a long time collector, up until 2008, and longtime member of a number of boards surrounding the hobby, I can't say I'm surprised. Like Mr. Pinto said, after a number of people left in 2007, and one in particular before that, the product quality really went to poop. Prices went up, quality went down. Now, I wonder who is going to pick up the ball, if anyone??

[Captain83Eng85 0]

Enjoy the releases that you have from Code 3 Collectibles. No company will ever buy C3C from Funrise.

It is done. You don't know the dire real economic situation that caused this announcement.

[x635 4,066]

Joe, very well said.

It is done. You don't know the dire real economic situation that caused this announcement.

It wasn't the current economic situation that caused this. Read my post above.

And Code 3 has a lot of tools, and a lot of dies, that may be worth something to someone. Time shall tell.

[JBE 328]

I can probably sum it up. They were spending more than they were taking in, the prices couldn't be justified by the lack of desire from the collectors, except the really hardcore ones. Bankruptcy was waiting in the wings, so better to cut losses before it went to complete poop.

[38ff 250]

The news didnt see to have much effect on the Code 3 models I saw at a Muster in NJ yesterday. Heck, I picked up the Super Pumper set, all new in box with the plastic, with the shelf, in the overpacked shipping box, for $100. I thought that was a good deal.

[sfrd18 360]

The news didnt see to have much effect on the Code 3 models I saw at a Muster in NJ yesterday. Heck, I picked up the Super Pumper set, all new in box with the plastic, with the shelf, in the overpacked shipping box, for $100. I thought that was a good deal.

Sounds like a very good deal. I purchased the Code 3 FDNY Squad 18 online a few years back and just that one truck cost me nearly twice as much.

It is sad to hear that Code 3 is folding, but it was a great run. I have noticed that in the last few years, the models don't seem to have the craftsmanship and detail as some of the older models, which could have been a sign that the company was going under. Anyhow, I'm happy with my own collection, and hopefully, I'll still be able to find some at Code 3 stores and musters.

Farewell Code 3.

[x635 4,066]

I think that one of Code 3's downfalls in the past couple of years is no one was buying the models when they first come out. Because everyone learned, the way they were doing business, in a few weeks it would be on sale or discounted, so everyone waited. Sometimes it would go on sales, sometimes it wouldn't. And they were making ridiculous quantites for a collectible item. Now, the question is, are they going to liquidate what they have left, or are they going to play on the game that the models are really going to become collectors models and hold prices the same?

They used to also announce releases by the quarter, and would build anticipation. Being a member of the Code 3 club got you a newsletter, a exclusive club model, exclusice access to "The Workshop" where they had special photos and info, and free shipping.

Also, they sporadically made releases available at discount stores, such as Wal Mart, Toys R Us, KB, etc. I think models should be purchased from the stores dedicated to the hobby, like Past Time. If Code 3 were to drop prices to a realistic level and partner with a chain store, since they are owned by a company that makes and distributes toys and has agreements in place with numerous retailers, I think that would have have generated some business.

[AndyC3J 190]

With what Mr. Pinto listed, combined with all the other things that were either rumored or stated to have been in the works, it could have been a pretty ambitious year for them. Too bad it won't be happening. Yes, I agree......some of the production quantities were head scratchers. What happened to keeping them at 1500 to make the pieces more "collectible", and decrease the chances of having a lot of leftovers sit on the shelf for years. Oh well.....

[IzzyEng4 427]

I never purchased a CODE 3 model over the years though I wish I have purchased a few. Unfortunately I don't have the room to have a collection but there have been a few that have caught my eye over the years. A friend of mine has all five FDNY rescues and at one point, the members of my company were thinking about having our ALF 900 Series pumper made into a model (though the conversation lasted as long and the round of beers at the local pub!!). The details were unbelievable, especially with the Skywalker Ranch Dash pumper (large scale).

It's just sad to see this line of products go out just like other model lines over the years. I used to be an avid model builder of military vehicles and kit-bashed a couple Backdraft Mack CF pumpers in the day too. And also purchased a few "Mech" models as well in the past.

I just hope the hobby of building and collecting isn't dying out.

[firedude 985]

I personally hvae collected many of these models, and will miss Code 3 greatly. However, I saw this coming, it was only a matter of time. I have to agree with the above comments, their quality took a big hit.

[bigrig77 95]

It's too bad they are shutting down, the Aerialscope M II body was a breath of fresh air in an otherwise stagnant run of copycat FDNY rigs. I mean how many of the same rig can you really have? All they did was change the numbers and then say it was a new rig. I know that ya people want different houses rigs and stuff but it gets kinda lame after a while. The Diamond Plate Series was spot on. Ya it was more expensive but you got a quality piece of art. Tons of detail and craftsmanship. I have the E-68 Yankee one and I love it. The 10 Truck was a step in the right direction and a Tower ladder one would have been great as well.

[ptwatson 82]

I have many models including most of the Diamond Plate's. I hade a feeling things were not right when they did not release a new Diamond plate in over two years. I agree that a Towel Ladder and a Rescue as welll would have been cool in the Diamond Plate series. I thought that they should have contunued with the firehouses as well! Also when they had massive problems with the second Philly SQURT you got an idea that things were not well in Code 3 land. I agree that all the FDNY rigs were becoming very repiticious though they had some wicked cool rigs like the Super Pumper system. Not looking forward to the jacked prices pepole will sell Code 3 on E-bay.