Maxnet Acquires an Additional 25% of LUXR, Ltd.
April 29, 1999 02:29 PM
FREEHOLD, N.J.--(BUSINESS WIRE)--April 29, 1999--Maxnet, Inc. MXNT New Jersey based MXNT announced today that it has acquired an additional 25% of LUXR, Ltd. MXNT signed an exclusive Internet marketing agreement with LUXR, Ltd., in December, 1998, and created luxr.com. LUXR, Ltd. is a privately held company based in New York City, which is a designer, importer, and distributor of fine jewelry, watches, and estate-jewelry. Through this additional acquisition MXNT has increased its holdings in LUXR, Ltd. to 30%.
Mr. I. Goldreich, VP of MXNT stated, "Though relatively small, it's one of the Nets fast-growing retail categories. Online jewelry sales came to $38 million last year and should reach $56 million this year; True, that's tiny compared with annual jewelry sales of some $35 billion, but online business is building rapidly, and online jewelry sales are predicted to soar 250% to at least $140 million by 2001 according to Forrester Research, Inc."
Furthermore, LUXR, Ltd. will be one of the 'Premier Vendor's' on MXNT's- Jewelry Channel on www.MaxPlanet.com's Max!Auction - www.MaximAuction.com. Therefore, MXNT will be offering businesses an exclusive presence on their featured Max!Auction website, with each auction channel listing representing potential annual advertising and sales revenue to the Company.
I. Goldreich, VP of MXNT believes that, "To succeed on the Internet, you have to produce revenue. There are two ways to do it in our business, sell ads and make deals. In order to do both, you need to have people who know what they are doing and are creative. This is a new medium, and companies that are aggressive and smart will make it."
Maxnet, Inc. is an integrated Internet Development Company focused on creating and expanding strategic alliances for its comprehensive network of consumer and business-oriented web services with offices in New Jersey and Florida.
For further information on Maxnet, visit their websites: maxplanet.com maxplanet.com maxplanet.com mxnt.com maxplanet.com
The Company, Maxnet, Inc. - MXNT releases information over the public news wire services. Any information that is disseminated by other methods other than by Official Company Release is not from Maxnet, Inc. - MXNT.
Maxnet, Inc., MXNT is currently changing its name to reflect its new diversified Internet marketing business.
Certain of the statements included in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Exchange Act of 1934, as amended. The Company notes that a variety of factors could cause the Company's actual results and experience to differ materially from those expressed in these forward-looking statements. This release may contain forward-looking statements, made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties, which might cause the actual results to differ materially from those projected in any forward-looking statements. Factors which could affect results include the development and introduction of competitive technologies, the market awareness and acceptance of the Maxnet technologies, the overall market demand for internet services, the presence of technologically inferior products and services which are priced or promoted to compete with Maxnet services, the ability to attract and retain technical personnel, and the ability of the Company to protect its proprietary information.
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