September 7, 2005
(Newport Beach, California) - Collectors Universe, Inc. (NASDAQ: CLCT) of Newport Beach, California, the parent company of Professional Coin Grading Service, has purchased the FACTS Network/Certified Coin Exchange (CCE) of Houston, Texas, the world's largest dealer-to-dealer coin-trading network, for $2,180,000.
"CCE and FACTS will continue to operate normally, and we are creating a new subsidiary corporation, Certified Assets Exchange (CAE), to manage CCE and FACTS. Cassi East, a veteran manager at Collectors Universe, has been appointed President of CAE," said Michael R. Haynes, Chief Executive Officer of Collectors Universe.
"There are more than 425 dealer-members of the FACTS Network who send over 1,000 messages each day to buy and sell numismatic merchandise. There will be no interruption in those services. Our acquisition of the network and Certified Coin Exchange will be a smooth transition for these professional numismatists," stated East.
Registered users of the online service (www.CertifiedCoinExchange.com) can instantly access the latest prices for sight-unseen and sight-seen certified coins; precious metals spot prices; prices for bullion coins; and collectors' coins listed for sale.
Expanded services for dealers and collectors already are planned for the Internet-based trading system.
"Our objective is to continue providing liquidity for certified coins while expanding capabilities of the FACTS and CCE systems to assist dealers and collectors to meet in the marketplace. This will allow dealers to sell more certified coins and supply collectors with an efficient way to acquire them," explained East.
"The new corporation, CAE, has been established because of the opportunities in other markets where products certified by one of the Collectors Universe divisions may embrace a CCE-type exchange system. The opportunities are being evaluated, although we do not have a specific timetable for introduction of an exchange in any of those markets," said East.
FACTS is an acronym for Fox and Crabbe Teletype System, a dealer-to-dealer network established more than 40 years. The FACTS Network/Certified Coin Exchange now is operated over the Internet. In addition to buy and sell messages, dealer-members can send private message to each other, and registered members of the public can access a directory with information about the dealers.
East started with Collectors Universe in 1997 as a manager of Kingswood Coin Auctions, and in 1998 was given expanded responsibilities as Director of Auctions for all auction companies then owned by Collectors Universe: Bowers and Merena, Kingswood, Good Rockin' Tonight, Odyssey Auctions, Lyn Knight Currency, and Superior Sports Auctions. When the auction companies were sold in 2003 she was appointed Director of Customer Service, managing the customer service staff of the authentication and grading services owned by Collectors Universe: PCGS, PSA, PSA/DNA, Professional Stamp Experts and the recent addition of PCGS Currency.
Collectors Universe, Inc. is a leading provider of value added services to the high-value collectibles markets. The Collectors Universe brands are among the strongest and best known in their respective markets. The Company authenticates and grades collectible coins, sports cards, autographs, stamps and currency. The Company also compiles and publishes authoritative information about collectible sports cards and sports memorabilia, United States and world coins, and entertainment memorabilia. This information is accessible to collectors and dealers at the Company's web site, http://www.collectors.com, and is also published in print.
For additional information about FACTS or CCE, call (800) 733-6623, or send e-mail to [email protected]