Message #5 From:
NewsBot Date: December 11, 2006 06:41:00 AM
ABZA News Abazias Raises $300,000 in Funding
GAINESVILLE, Fla.--(BUSINESS WIRE)--Abazias.com (OTCBB:ABZA) is pleased to announce they have raised an
additional $300,000 in private placement funding. The purchase by two
accredited investors concluded at $1.50 per share for a total of 200,000
restricted shares issued pursuant to Rule 144 of the Securities Act of
1933. The agreement does not include warrant coverage. This funding
further signifies Abazias’ continued progress
while larger competitors like Odimo (ODMO) announce that they are
ceasing all operations spending over $100MM in the process.
Proceeds will be used to further implement Abazias' business plan, which
includes but is not limited to a larger marketing budget to increase
awareness of its current dominant status as the largest online site for
loose diamonds. CEO Oscar Rodriquez commented, "We have had a record
year basically doubling revenues and with this funding, combined with
competitors going under, we will be able to increase our presence in the
marketplace and prosper.”
Abazias Diamonds has undergone a recent transformation with a new stock
symbol (ABZA); and more attractive price as a result of a recent stock
split. The online diamond leader was recently featured in an IDEX
(International Diamond Exchange) feature about Online Jewelers Gaining
Significant Market Share. This article, which paired Abazias with the
likes of larger organizations like Blue Nile and Odimo, says online
jewelers are not only putting pricing pressure on store-based retailers,
but their online financial model is also causing traditional jewelers to
re-think their business model.
Abazias.com has created a strong customer following based on customer
service and site innovations that let shoppers create their own jewelry.
In addition to delivering quality diamonds at wholesale prices,
Abazias.com is also a full-service jeweler offering a large selection of
settings for stones purchased.
Abazias.com showcases over 80,000 diamonds, valued at over $400 million
on its site at www.abazias.com.
Most of Abazias.com's diamonds are GIA, AGS or EGL certified.
Abazias.com offers the "Couples Diamond®"
which is required to meet even higher standards for cut, clarity and
dimensions. Abazias.com is also a full-service jeweler offering a large
selection of settings for stones purchased. For more information about
Abazias.com, visit the Company's website at www.abazias.com.
This press release may contain statements (such as projections
regarding future performance) that are forward-looking statements as
defined in the Private Securities Litigation Reform Act of 1995. Actual
results may differ materially from those projected as a result of
certain risks and uncertainties, including but not limited to those
detailed from time to time in the Company's filings with the Securities
and Exchange Commission.
