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ModusLink Global Solutions, Inc. Message Board

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  • tech12_98 tech12_98 Dec 23, 1998 3:39 AM Flag

    OT: Fellow CMGIers. Check out MLRE from

    The company says it's creating an online commerce
    and auction house for luxury goods, including
    "fantasy shopping, art, antiques, exotic travel, yachts,
    classic autos, real estate, premium cigars, fine dining,
    interior design, high-tech electronics, gems,
    collectibles, watches and wine." The Web site is expected to be
    up and running by Jan. 15.

    The company also
    owns Millionaire magazine, which is printing its first
    issue under new management. It's due at newsstands next
    month. In addition, the company has a new
    20,000-square-foot auction house in Hilton Head, S.C., scheduled to
    open before year's end.

    Millionaire.com was
    formed in a merger last week after it acquired a public
    shell called Charter Investor Relations of North
    America, which had traded on the OTC bulletin board under
    the ticker CRNA. As part of the merger,
    Millionaire.com changed its name from Lifestyle Media and raised
    $1 million to do the deal. The company also
    established headquarters in Bluffton, S.C.

    Lifestyle
    Media, previous publisher of Millionaire magazine, was
    acquired by Robert "Rusty" White shortly before the merger
    into the public shell. White founded the Robb Report,
    a magazine for the affluent, in 1968, then sold it
    in 1983. He now is heading up Millionaire.com.


    Millionaire.com recently purchased some good press through one of
    those paid stock-touting Web sites. Millionaire.com
    issued 50,000 shares of restricted stock, now worth
    roughly $700,000, to Small Cap Journal for mention as a
    feature company on its Web site. Small Cap Journal is
    operated by Fortune Marketing & Capital Consultants, which
    has been retained as Millionaire.com's investor- and
    media-relations firm.

    Steve Samblis, Fortune Marketing's
    president, says Millionaire.com will cross-market its Web
    site, magazine and auction house to maximize revenue.
    The revenue will initially come from advertising, but
    eventually will flow from the sale of assets, such as wine,
    cigars and art, that could be auctioned as well, Samblis
    says. "I think we will redefine how you go after these
    markets," he adds.

    Laughing off the inevitable
    question of whether wealthy sophisticates will really sit
    at their computers and guide a mouse to buy a
    Rolls-Royce, Samblis says, "Well, [Rolls-Royces] will be
    available."

    There are neither revenue nor earnings
    projections available, Samblis says, adding that the company
    wants to be judged on its performance since it's a new
    venture.

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    • The company has peppered the investing public
      with press releases, about one a day since the merger,
      including an announcement Monday morning that it inked an
      agreement with SGD International for $8 million in
      advertising in the magazine.

      SGD International is a
      trading and bartering company based in New York. Its
      president, Jerry Galuten, says he agreed to buy $8 million
      in advertising in the magazine over the next three
      years. Galuten says he was unaware Millionaire.com even
      had a Web site.

      Samblis says the company
      wants to book the $8 million advertising agreement from
      SGD International as a receivable asset, pending
      approval from its auditors. That asset could allow
      Millionaire.com to qualify for a Nasdaq listing, Samblis
      explains.

      The company has 6.7 million shares
      outstanding (after a 3-for-1 split during the merger), and
      about 78% of the shares are in "management's and
      friendly hands," according to Samblis.

      Investors
      commenting on the stock via the online message boards were
      ecstatic about the chance to join the upper crust -- if
      not in the real world, then online. One message-board
      poster on Silicon Investor pointed out the irony that,
      presumably, most of the company's shareholders could afford
      to buy the stock but none of the products that were
      going to be sold on Millionaire.com. Other investors
      seemed to be swept up by the climbing stock price. "What
      is due diligence?" asked one erstwhile newbie during
      Friday's run-up. "Is it too late now to get in?"

 
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