Press Release issued by Patrizzi & Co.

[Jaw]

Please note that this is an email press release received. The text below are quoted in full from the said release.

Patrizzi & Co contests the defamatory accusations made by Antiquorum’s management in their 8 April 2008 press release and denounces this move as a new attempt to intimidate Antiquorum SA’s former management.


Geneva, April 9, 2008 – Osvaldo Patrizzi and his team have taken note of the press announcement (dated 8 April 2008), made by William Rohr, the new CEO of Antiquorum SA, on behalf of Antiquorum SA’s Board of Directors, informing the media of the filing of new civil and penalty charges against the former management team. In this new attack, sent out by coincidence on the same day as the announcement of the creation of Patrizzi & Co Auctioneers, Antiquorum SA emphasizes in particular “the detection of the orchestration of a massive fraud” allegedly committed by the company’s former management team. Osvaldo Patrizzi, his officers as well as Patrizzi & Co Auctioneers, refuse to comment on this new maneuver, rejecting any factual foundation to these accusations. In their eyes it represents yet another of many attempts to destabilize, manipulate and intimidate, being aimed personally at Osvaldo Patrizzi and his associates. This new move on the part of Antiquorum SA is the ultimate proof of how much the company’s management sees the creation of Patrizzi & Co Auctioneers as a threat to its own long-term perspectives. Osvaldo Patrizzi’s lawyers are currently preparing a complaint for defamatory accusations that will shortly be filed.

[Jeff Stein]

Shown below is an announcement ssued by Patrizzi & Co. and the company that will develop the software for Patrizzi's "innovative auction platform". It will be interesting to see how this new platfrom will work. Somewhere between the "Wild West" of Ebay and the stuffy atmosphere of the traditional auction houses, there may be an opportunity for a better platform for auctioning watches.

Jeff

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MUMBAI: Patrizzi & Co Auctioneering has selected Mascon Global to work with them in the development of innovative auction platform. Geneva-based Patrizzi plans to revolutionize the world of auctioneering by developing an innovative auction platform that will provide a more dynamic and exciting user experience.

Patrizzi & Co's horological expertise and innovative concepts combined with MGL's proven technology services model will enable the Geneva-based auctioneer to build a state of the art auction system which reflects the vision of Osvaldo Patrizzi, President & CEO.

The platform, which is expected to be launched later this year, will improve certain shortcomings frequently associated with online auctions and bidding during classic auction sales. The Strategic Advisory Services team of MGL has already begun the discovery stage of the assignment."

"MGL is excited to work with Patrizzi & Co on the development of this innovative platform. The company is known for innovation and delivering success to clients and this project is yet another example of our commitment to high quality, tailor made product engineering," said Ajay Gupta, President of MGL Technology Solutions.