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GT Interactive Co-founder Named CEO of The Auction Channel -- Ron Chaimowitz to Lead U.S. Launch and Global Roll-out of The Auction Channel Programming
WEDNESDAY, OCTOBER 27 1999 12:50 AM EST
NEW YORK/LOS ANGELES & LONDON, Oct 27, 1999 (BUSINESS WIRE) -- Brilliant Digital Entertainment, Inc. (AMEX:BDE), a pioneering Internet content and tools developer, announced today that Ron Chaimowitz, former co-founder, Chairman and Chief Executive Officer of GT Interactive Software, has been named Chief Executive Officer of The Auction Channel, a subsidiary of Brilliant Digital. Mr. Chaimowitz will establish headquarters for The Auction Channel in New York City, while also dedicating a substantial portion of his time in London and other planned markets. In conjunction with his appointment, Mr. Chaimowitz will make a $250,000 equity investment in Brilliant's The Auction Channel subsidiary.
Mark Dyne, Brilliant Digital's Chairman and CEO commented, "Ron has established and built a number of worldwide brands including Doom and Duke Nukem. He also executed the strategic acquisition of ten companies, both domestic and abroad, to complement internal growth and enable GT to become a top entertainment software company. We are pleased to welcome such a proven, innovative and respected executive to head The Auction Channel. He is ideally suited to manage the expansion of our auction house, broadcast and Internet business relationships in the U.S. and international markets."
Ron Chaimowitz said, "I am excited to begin introducing the concept of live televised auctions and simultaneous real-time Internet and touch-tone telephone bidding to the U.S. and other markets. The Auction Channel's unique concept positions the company for the upcoming revolution brought by broadband services. It differs markedly from existing online auctions that lack the excitement and immediacy of a live auction and also require many days for bidding. I look forward to putting my entrepreneurial skills and resources to use in establishing The Auction Channel as a significant auction portal and broadcast Internet auction service in the U.S. and abroad. I will be building upon and expanding our relationships with the major auction houses on a global basis."
Prior to joining The Auction Channel, Ron Chaimowitz was co-founder, Chairman and Chief Executive Officer of GT Interactive Software. Chaimowitz was responsible for the company's global sales, marketing, distribution, investor relations, product development, manufacturing, mergers and acquisitions and strategic planning. In 1995 he successfully lead the company to a $140 million initial public offering, one of the largest venture backed IPOs that year. Ron took the company from a business plan and two people in its first year and transformed it into a worldwide public company with $531 million in revenues by the end of 1997. During that period, he directed and negotiated ten acquisitions both in the U.S. and Europe.
Prior to establishing GT Interactive, Chaimowitz was executive vice president of GoodTimes Home Video. He was instrumental in helping to build GoodTimes Home Video into the largest independent sell through home video company in the industry. Ron began his career at CBS Records International, where he founded CBS Discos, the first Hispanic record label launched by a major record company in the United States. He built the first U.S.-based Hispanic talent roster with worldwide appeal. His successes included discovering and developing Gloria Estefan, and introducing Julio Iglesias to the American market. During his 15-year tenure with CBS, Chaimowitz held various entrepreneurial, sales and marketing positions in the company's music and broadcast groups.
As a respected leader in the entertainment and media industry, Ron has been recognized for his entrepreneurial success. In 1997, he was awarded Ernst and Young's "Entrepreneur of the Year Award" for his leadership in the new media and entertainment fields. He was also featured as one of "America's Elite" by Next Generation Magazine and as one of "Silicon Alley's 100" by Silicon Alley Magazine.
Mr. Chaimowitz earned a Bachelor of Science in Biology from City College and a Masters degree in Business Administration from New York University, from where he graduated as valedictorian of his class.
The Auction Channel, which currently broadcasts live auctions on British television and offers real-time online bidding with major auction houses in the United Kingdom, is expected to begin offering online bidding and televised broadcasts in conjunction with American auction houses in the next fiscal year.
About The Auction Channel A division of Brilliant Digital Entertainment, Inc., The Auction Channel (http://www.theauctionchannel.com) is the first interactive themed television and Internet channel offering live coverage of auctions and related programming, broadcasting via satellite and cable to television viewers and Internet users around the globe. The Auction Channel `s unique Interactive Bidding System(TM) allows participants to use the Internet or their telephone to bid simultaneously with bidders in the auction room while watching the live action on television or their computer screens. The Auction Channel has entered into agreements to provide its services to major auction houses including Christie's South Kensington, Phillips, Bonhams, Allsop & Co., Brooks and Antiquorum. Visit theauctionchannel.com for more information.
About Brilliant Digital Entertainment BDE is engaged in the development and distribution of cutting-edge interactive content and related e-commerce capabilities for the Internet, broadband, television and other media. Brilliant is focused on two markets: (1) 3-D, digitally animated content developed using Brilliant's proprietary software tool set and Brilliant's B3D file format, and displayed on Brilliant's Digital Projector; and (2) "live" online and television auction broadcasts as well as Internet and telephone bidding and e-commerce services, in conjunction with top auction houses through its The Auction Channel subsidiary. More information on Brilliant Digital Entertainment may be found at bde3d.com
Information about Forward Looking Statements Statements in this news release that relate to Brilliant Digital Entertainment's projection of adoption of 3-D animation on the Internet are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended. Actual circumstances may differ materially due to a variety of factors set forth in Brilliant's most recently filed Form 10-KSB report and 10-QSB report and are available from Brilliant Digital Entertainment's Investor Relations department and may be obtained by calling or writing to our investor relations company, Jaffoni & Collins at 212-835-8500 or bde@jcir.com
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