Copyright © 2026 Knight Sac Media. All rights reserved.https://www.siliconinvestor.com/subject.aspx?subjectid=28705 To: flodyie (0 ) From: Wolff Thursday, Mar 18 1999 7:16PM ET Reply # of 20 The Con Artists, hypsters and Manipulators were wrong about TMRT!!! |\ TMRT /| ) \ --- / ( / \ , - - - - - ( . . ) \ ( ___ ) 2themart.com \ \ (o o) / \@@@ \ ~~~ / _ __ / ) \ \ \ ____ ( ( \ \ / \ / \ \ / vv vv v vv 2TheMart.com, With No Customers or Revenue, Is Worth $522 Mln 6/3/99 12:57 2TheMart.com, With No Customers or Revenue, Is Worth $522 Mln Irvine, California, June 3 (Bloomberg) -- 2TheMart.com's Internet auction site is still under development. It has no customers or revenue and has never released a balance sheet. Yet its stock has jumped 11-fold this year, giving it a market value of $522 million. Investors are placing a higher value on 2TheMart.com than three Internet auction companies that are conducting business on their Web sites: uBid Inc., Onsale Inc. and Bids.Com International Inc. ''It shows the lack of any underlying methodology to value Internet companies,'' said Ulric Weil, chief technology analyst for Friedman, Billings, Ramsey & Co. ''You can't even get data on (2themart.com) because it's a non-reporting company.'' The company's shares soared from 2 on Jan. 13 to a high of 50 on Jan. 20, the day after it said its site would be running by the second quarter and would compete with established auction sites such as eBay Inc. and uBid. The shares today fell 1 7/8 to 20 7/8, still leaving the company worth half a billion dollars. ''There's, I think, a lot of Internet euphoria out there of investors jumping on to what they may believe are companies that are emerging,'' Chief Executive Dominic J. Magliarditi said in an interview. ''A lot of it is people trying to get in on the ground floor of the emerging market.'' The Irvine, California-based company hasn't filed reports with the Securities and Exchange Commission. Companies are only required to when their assets exceed $10 million and they have more than 500 shareholders of record. Magliarditi said 2TheMart.com plans to file its SEC first report in a few days. Company's Roots The company went public in January under the direction of Magaliarditi, 35, and Chairman Steven Rebeil, 36. In 1997 both men were denied licenses to operate a casino by the Nevada Gaming Commission, which found them unqualified to be officers of a public company. Magliarditi and Rebeil registered the site's Internet address, 2TheMart.com, in December. They took the company public a month later by merging it with a shell company called CD-ROM Yearbook Co. The two men each own 8.9 million of the company's 25 million shares, worth a total of $181 million. Magliarditi declined to say how much they invested in 2TheMart.com. In the pre...https://www.siliconinvestor.com/images/Logo380x132.pnghttps://www.siliconinvestor.com/subject.aspx?subjectid=2870538013210