D. G. Jewellery of Canada Ltd. Acquires Majority Interest in XiteJewelry. Com.TORONTO--(BUSINESS WIRE)--June 28, 1999-- Acquisition Enhances Company's Position as Leading Online Jewelry Merchandiser D.G. Jewellery of Canada Ltd. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NM: DGJL), which designs, manufactures, and distributes stone-set jewelry, announced today that it has acquired a majority interest in XiteJewelry.com. Inc., a recently formed on-line jewelry merchandising company. The company said it will assign to Xite the rights to its existing Web-site jewelry sales agreements. The terms of the transaction were not disclosed. XiteJewelry.com plans to launch its E-commerce Web site (www.xitejewelry.com) on July 1, 1999. The easy-to-use site will offer a wide array of jewelry products with prices ranging from $25 to $100,000. Most of the items will be designed and manufactured by D.G. Jewellery. Jack Berkovits, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of D.G. Jewellery, said, " The revenue potential for Internet jewelry sales is enormous and we intend to take full advantage of this exciting new distribution channel. Based on our initial on-line sales success through our joint venture partners, I am confident that XiteJewelry.com's Web site with its special features will appeal to millions of value-oriented consumers." D.G. Jewellery of Canada Ltd. is primarily engaged in the design, merchandising and distribution of stone-set jewelry for department stores This is a list of department stores. In the case of department store groups the location of the flagship store is given. This list does not include large specialist stores, which sometimes resemble department stores. , mass merchants, catalog showrooms, television shopping networks and other high-volume retailers and other major discounters. The company maintains a broad base of customers concentrated in five major jewelry segments: Internet retailers, auctioneers and other web merchants; department stores such as J.C. Penney and Saks Fifth Avenue Saks Fifth Avenue is a chain of upscale American department stores that is owned and operated by Saks Fifth Avenue Enterprises (SFAE), a subsidiary of Saks Incorporated. It competes in the elite luxury department store market with Neiman Marcus, Bergdorf Goodman and Barneys New ; specialty markets such as QVC QVC Quality Value Convenience QVC Question Valid Command Inc., Home Shopping Network “HSN” redirects here. For other uses, see HSN (disambiguation). The Home Shopping Network (HSN) is a mostly 24-hour shopping network that is seen on cable, satellite, and some terrestrial channels in the United States. , ValueVision International, Shop at Home, QVC England, QVC Germany and The Shopping Channel Shopping channels are television specialty channels that present shopping related content, particularly for home shopping enthusiasts. Home shopping pioneers:
Except for the historical information contained herein the matters discussed in this earnings release include forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that may involve a number of risks and uncertainties. Actual results may vary significantly based on a number of factors, including, but not limited to, risks in product demand, the impact of competitive products and pricing, changing economic conditions, both here and abroad, release and sales of new products, and other risk factors detailed in the Company's most recent annual report and filings with the Securities and Exchange Commission. |
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