Aurafin Completes Acquisition of Publicly-Held OroAmerica.

Business Editors

TAMARAC, Fla.--(BUSINESS WIRE)--June 21, 2001

Aurafin LLC, a privately held company based in Ft. Lauderdale, FL., completed its acquisition of Los Angeles based OroAmerica Inc. (NMS:OROA), on Thursday, June 21st. OroAmerica will become a division of Aurafin in the newly combined company that will be known as Aurafin OroAmerica.

Aurafin OroAmerica, which manufactures and distributes karat gold jewelry products serving most large U.S. retailers, has projected annual sales revenue in excess of $325 million and more than 1500 employees worldwide.

Michael Gusky, Chairman and C.E.O. of Aurafin OroAmerica said: "The creation of Aurafin OroAmerica, as a result of joining the two largest U.S.- based karat gold jewelry manufacturers and distributors, is the culmination of several years of planning. Combining these two entrepreneurial companies is indeed an industry milestone."

Joe Pennacchio, President and C.O.O. added, "We've established Aurafin OroAmerica into the largest, most resourceful, and technologically advanced karat gold jewelry company in America. Aurafin OroAmerica is properly positioned to remain the leading supplier to the retail jewelry trade, an industry experiencing similar consolidation."

Aurafin OroAmerica manufactures and distributes fine karat gold jewelry to retail jewelers, jewelry chain stores, discount stores, department stores, and television shopping networks.

Chairman and C.E.O. Michael Gusky founded Aurafin in 1982.