Message #11 From:
NewsBot Date: November 10, 2005 02:00:00 AM
SPGR News Superior Galleries Awarded Two-Year Contract as State of California's Official Auctioneer
BEVERLY HILLS, Calif.--(BUSINESS WIRE)--Nov. 10, 2005--Superior Galleries, Inc. ("Superior") (OTCBB:SPGR) announced today that the California State Controller's Office awarded Superior the contract to be its official auctioneer for the annual live/simulcast auction of unclaimed contents from safe deposit boxes and safekeeping vaults from throughout the state over the next two years. The first auction is tentatively scheduled in May 2006 with bidding available both onsite, in Beverly Hills, and live simulcast available via eBay.
Superior anticipates holding auctions of approximately 1,000 to 2,000 lots each of unclaimed property that may include rare coins, jewelry, small art pieces and antiques and other small collectibles. Unclaimed property auctions in the past have achieved prices realized in excess of $1 million with sell through rates of approximately 90% and have featured rare coins that have sold in the $10,000 range.
Silvano DiGenova, CEO and Chairman of Superior, commented, "We are honored to be entrusted by the State of California to be their official auctioneer for unclaimed property ... These auctions will further increase our visibility both in the live and on-line auction arenas and will bring additional potential rare coins customers to our Elite auctions, our collectors auctions, our e-commerce portal and our private client services group.
Superior Galleries, Inc. is a publicly traded company, acting as a dealer and auctioneer in rare coins and other fine collectibles. The firm markets its products through its prestigious location in Beverly Hills, California and the company's web site at www.sgbh.com.
Included in this release are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including express and implied statements concerning future growth potential, future revenues and revenue growth, income, results of operations, expansion plans and expectations. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that the expectations reflected in such forward looking statements will prove to have been correct. These forward-looking statements are subject to certain risks and uncertainties, including market and other conditions that may affect our ability to expand our auction and dealer activities and control our operating costs, changes in investment recommendations by financial advisors and risks identified in our SEC filings. Investors and others are advised that our future results for the State of California unclaimed property auctions could be materially different for the result of past auctions. The company's actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors including sales levels, operating costs, distribution and competition trends, consumer preferences and other market factors. Past sales performance may not be indicative of future results. No assurances are given that sales trends or sales performance on behalf of consignors or customers will continue.
