( BW)(SC-MILLIONAIRE.COM)(MLRE) Millionaire.com Announces Acquisition of
The Great Gatsby's Auction Gallery, Inc.
Business Editors
HILTON HEAD, S.C.--(BUSINESS WIRE)--Jan. 15, 1999--
Acquisition Builds Millionaire.com's Combined Historic Revenues
to More Than $30 Million
Millionaire.com (OTC BB:MLRE), the leading source of luxury and
unique products and services, today announced the signing of a
definitive agreement to acquire The Great Gatsby's Auction Gallery, Inc.
of Atlanta, Georgia. Upon completion of the acquisition, effective
February 13, 1999, and the previously announced acquisitions of the New
Orleans Auction Galleries, Inc. and the St. Charles Gallery, Inc.,
Millionaire.com will have combined historic revenues in excess of $30
million.
The Great Gatsby's Auction Gallery houses the largest assemblage of
antiques, collectibles and architectural reproductions in the United
States. The Gatsby facility includes a 100,000 square foot auction
facility, three fine art galleries as well as an antique automobile
showroom and a three acre permanent garden statuary display. With a
constantly changing inventory of over 5,000 items coupled with items
featured on their website, www.gatsby's.com, Gatsby's did approximately
$14 million in revenue and returned a 14 percent pretax profit
(unaudited) in 1998.
"The combined power of Millionaire magazine, the Millionaire.com
portal and online auction site and global auction houses provide
Gatsby's worldwide exposure to our target market--the affluent," said
Ted Tzavaras, president of Gatsby's. "Our near term goal is to
immediately integrate our online catalogue with Millionaire.com's online
clearing house network. We will also provide a steady supply of goods
for Millionaire.com's Global Emporium auction in South Carolina."
"The Great Gatsby's is truly one of the most established and unique
auction houses in the world," said Robert (Rusty) White, president & CEO
of Millionaire.com. "This acquisition further positions Millionaire.com
as a force in the emerging online auction world, capable of redefining
the standards of marketing to the affluent. As Ebay (NASDAQ:EBAY)
pioneered online auctions for the general public, so Millionaire.com
intends on defining this space for the high-end affluent public."
About the Great Gatsby's Auction Gallery, Inc.
The Great Gatsby's Auction Gallery, founded in 1979, is located in
Atlanta, GA. The Gatsby facility includes a 100,000 square foot auction
facility, three fine art galleries as well as an antique automobile
showroom and a three acre permanent garden statuary display. For more
information on The Great Gatsby's Auction Gallery, Inc., please visit
www.gatsby's.com.
About Millionaire.Com
Millionaire.com (OTC BB:MLRE) is the leading source for luxury
products and services, offered through the Millionaire.com portal and
auction Web site and Millionaire magazine. Founded by Robert White, the
creator of The Robb Report, Millionaire.com combines the power of
electronic commerce, print media and retail auctions to sell the very
best the world has to offer. Based in Bluffton, South Carolina,
Millionaire.com operates the Millionaire.com auction Web site,
Millionaire magazine, and several renown retail and auction houses
including The Global Emporium, Bluffton, SC; Great Gatsby, Atlanta, GA;
New Orleans Auction Galleries, New Orleans, LA; and the St. Charles
Gallery, Inc., New Orleans, LA. Millionaire.com's wide-ranging products
and services include rare automobiles, fine art, properties, unique
antiques and fantasy shopping for the discriminating buyer. For more
information on the company visit millionaire.com.
Certain statements and information included in this release
constitute "forward-looking statements" within the meaning of the
Federal Private Securities Litigation Reform Act of 1955. Such
forward-looking statements involve known an unknown risks, uncertainties
and other factors which may cause the actual results, performance, or
achievements expressed or implied in such forward-looking statements
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CONTACT: Schwartz Communications, Inc.
Manya Rossignoli/Claire Spina
(781) 684-0770
manyar@schwartz-pr.com
KEYWORD: SOUTH CAROLINA
INDUSTRY KEYWORD: REAL ESTATE MERGERS/ACQ |
