Dallas Gold and Silver Exchange Reports 1Q99 Internet Revenues Exceed Five Times Total 1998 Internet Revenues
Aggressive Technology Deployment Drives Explosive Growth in Company's Electronic Commerce Division; Company Sets Launch Date for New Site FirstJewelryAuctions.com
DALLAS--(BUSINESS WIRE)--March 16, 1999-- Dallas Gold & Silver Exchange, Inc. (Amex:DLS or Amex:DLS.EC) announced that its unique auction and person-to-person trading site for jewelry, fine watches, diamonds and precious metals products has experienced dramatic growth for the year-to-date period. Revenues generated through March 15, 1999 are five times the revenues generated for all of fiscal 1998. At the current rate of growth, revenues related to Internet activities will exceed 15 percent of total corporate revenues by year-end 1999. After a significant upgrade in late 1998, the site (http://www.dgse.com) now includes a fully functional auction, a live trading floor, and a complete virtual store.
''The Internet is becoming a more important component of our business activity every day,'' said William Oyster, president of Dallas Gold and Silver Exchange. ''It is by far the fastest growing and most profitable segment of our business and we will continue to invest in technologies that allow us to become the dominant player in the auction and sale of jewelry, diamonds, fine watches, and precious metals.''
Dallas Gold & Silver Exchange, Inc. also announced that it is in the final stages of development of a new and much larger web commerce site called FirstJewelryAuctions.com. Dallas Gold and Silver Exchange's proprietary Virtual Auctioneer software, which was featured in a recent Information Week story on electronic commerce, will power this new site. The site will contain thousands of active items collected from around the world. Additionally, it will be the first site to allow individuals and professionals from the jewelry industry to meet anonymously in the auction and trading environment, where price and quality will determine buying activity. The new site will be launched by June 1, 1999.
About Dallas Gold and Silver Exchange
Dallas Gold & Silver Exchange, Inc. is a wholesaler and retailer of jewelry, diamonds, fine watches and precious metals to domestic and international customers through its Superstore in Dallas, Texas and through its live real-time auction on the Internet (www.dgse.com). Dallas Gold and Silver Exchange's new online auction product Virtual Auctioneer was recently featured in Information Week.
Statements about the Company's future expectations, including future revenues and earnings, and all other statements in the press release other than historical facts are ''forward-looking statements'' within the meaning of the Private Securities Litigation Reform Act of 1995. The Company intends that such forward-looking statements be subject to the safe harbors created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results could differ materially from expected results.
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