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  About Us | Press Releases | February 15, 2001

  
  artnet AG Receives Capital Contribution
  • Funds Now Sufficient to Reach Breakeven
Frankfurt, New York, February 15, 2001 -- artnet AG announces a capital increase of Euro 400,000. Founder and CEO Hans Neuendorf has contributed the entire amount in exchange for 111,420 shares (price per share Euro 3.59). The share price for this capital increase has been determined by the average of the Xetra closing prices for the 20 trading days prior to the respective board resolutions.

Together with strong sales, increased collections and cost cuts, this contribution will allow the company to reach breakeven without the requirement for further financing.

"Our two core businesses, the Fine Art Auctions Database and the Gallery Network are established businesses and industry leaders. They have shown an average growth of 97% over the past three years and give us every confidence that we can reach this goal," says Neuendorf.

For further information/Ansprechpartner:
Hans Neuendorf
Chief Executive Officer
61 Broadway, 23rd Floor
New York, NY 10006
Send Email
Tel: 001-212-497-9700 x638
Fax.: 001-212-497-5001
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