Business Services Industry

boxLot.com Signs Agreement to Acquire Hobby Markets Online; Premier Online Auction Site Welcomes Hobby Markets Members to Its Growing Community

Business Wire, Oct 5, 1999

SAN DIEGO--(BUSINESS WIRE)--Oct. 5, 1999--

boxLot.com today signed an agreement to acquire HobbyMarkets.com, subject to approval by HobbyMarkets.com's stockholders, giving buyers and sellers the opportunity to hunt for more rare and unusual finds.

The acquisition will expand boxLot.com's current offerings to include items from categories such as rare coins, stamps, sports memorabilia and fine wine.

"This acquisition supports our positioning as an online auction site geared toward the serious collector," said boxLot.com Chief Executive Officer Frederick Cary. "We are delighted to welcome HobbyMarkets.com members to boxLot.com."

"We expect to finalize the boxLot.com acquisition of HobbyMarkets.com by November 1, 1999," stated Barry Berkov, boxLot.com's chief operating officer. "In the meantime, boxLot.com will establish links between boxLot.com and the HobbyMarkets.com sites, which include Numismatists.com, Philatelists.com, AuctionVine.com and SportsTrade.com."

boxLot.com is a friendly community where experienced and novice collectors meet, share expertise and trade rare collectibles. HobbyMarkets.com is a four-year old online auction pioneer, which has built the Accredited Dealer Network(TM) to create the first safe high-end online collectibles market. HobbyMarkets.com brings over 40,000 registered members from 80 countries to boxLot.com's growing site, currently attracting over 700,000 unique users each month.

"We are excited about the new venture with boxLot.com. We wanted to partner with a company that knows how to leverage our core business-to-consumer model to create a billion dollar e-commerce engine," said Jonathan Hubbard, CEO of HobbyMarkets.com. "This is a great time to join forces with a fast-growing, well-financed, smart company and we are thrilled with this merger."

Currently on boxLot.com, buyers can hunt for an array of rare and unusual collectibles ranging from antiques to coins, art, jewelry, books, trading cards, as well as new and previously owned items such as computers, toys, clothing and musical instruments.

With headquarters in San Diego, the boxLot.com company is a privately held corporation, founded by two dedicated collectors from Vermont who share their users' passion for fabulous finds, remarkable deals and expert information.

boxLot.com has secured co-branding alliances as well as advertising and promotional partnerships with leading Internet networks, portals and sites including The Globe.com (NASDAQ:TGLO), About.com (formerly Miningco.com) and Thomson Investors Network. boxLot.com recently embarked upon a multimillion-dollar marketing campaign with a focus on national radio on national ABC network affiliates.

Visit the Internet site at www.boxlot.com or www.theglobe.com/auctions.>