To: Hans U. Tschanz who wrote (3775 ) 2/10/2000 12:56:00 AM From: Yamakita Respond to of 6018
I don't remember seeing this posted. Can't be what's driving the price up today though! It must be the announcement of 150 billion new fund. It's getting very, very hard to keep track of what 9984 is doing. ~~~ Diamonddepot.com Secures $36 Million Equity Investment from SOFTBANK Capital Partners and The Steinmetz Diamond Group 2/7/00 (PRNewswire) Odimo.com, formerly known as Diamonddepot.com, (http://www.odimo.com) the largest source of certificated diamonds, fine jewelry and brand name watches on the Internet, announced today that it has secured $36 million in private equity investment -- $31 million from SOFTBANK Capital Partners and $5 million from The Steinmetz Diamond Group and existing shareholders. Odimo.com, majority-owned by The Steinmetz Diamond Group, a leading international diamond trading group, is positioned to offer its customers the world's largest selection of certificated diamonds, fine jewelry and brand name watches. The Steinmetz Diamond Group has offices around the world with its main diamond-cutting factory in South Africa. The Steinmetz Diamond Group was the company entrusted by DeBeers to craft, cut and polish the Millennium Star, a priceless 203-carat flawless diamond currently exhibited in the Millennium Dome in London. "We are excited to have a strong partner in SOFTBANK Capital Partners with their extensive Internet experience and global access," said Beny Steinmetz, Chairman of the Board of Odimo.com. "We are positioning Odimo to become a globally recognized brand and intend on launching Odimo Japan and Odimo Europe in the near future. As one of the world's Internet leaders, SOFTBANK will accelerate Odimo's global expansion plans. The goal for Odimo.com is to become the largest and most profitable international diamond and jewelry retailer on the Internet." "We are very pleased to be joining forces with Odimo in the expanding online luxury market," said Masayoshi Son, President and CEO of SOFTBANK CORP. "Odimo.com has the experienced leadership and industry expertise to make it the Internet leader in diamonds and jewelry, and we are confident that SOFTBANK's global capabilities will propel Odimo to be the market leader worldwide." Odimo.com has access to the largest worldwide inventory of certificated diamonds, fine jewelry and brand name watches available for consumer selection on the World Wide Web. Combined with its competitive pricing structure, convenient shopping forum and a highly experienced management team, Odimo.com is positioned to achieve superior gross margin levels. "We believe that the SOFTBANK Capital Partners investment was based on three key elements: a seasoned management team with extensive experience in the diamond, jewelry and watch industries, exclusive supply agreements with The Steinmetz Diamond Group, Rough Diamond Traders and other large sight- holders and diamond dealers and an aggressive global strategy," said Alan Lipton, president and Chief Executive Officer of Odimo.com. "With SOFTBANK, our global vision will be implemented more rapidly." Alan Lipton continued, "Odimo.com's goal is to establish itself as each customer's jeweler on the Internet and to utilize the Internet to expand the diamond and jewelry markets."