PRESS RELEASE (October 18, 2002) (http://www.regencystamps.com/PressR...20021018.htm
REGENCY STAMPS BUYS SUPERIOR STAMPS & COLLECTIBLES
St. Louis, Missouri – Regency Stamps, Ltd. has purchased most of the assets and operations of Superior Stamps & Collectibles of Beverly Hills, California from its parent company A-Mark Auction Galleries. A-Mark Auctions through the sale of Superior Stamps is now a Regency shareholder. In a continuing effort to expand its business nationally, Regency has bought the venerable auction house which has been in business over 70-years. Superior has been a leader not only in the auction of stamps and postal history, but also of historical documents, sports and entertainment collectibles, and space memorabilia.
Both Regency and Superior will maintain their current locations and identities, securing their strong presence in the Midwest and West Coast. Administration and marketing will be moved to St. Louis, and Alan Lipkin who ran Superior's operation as vice president under A-Mark has now been given the title of senior vice president and will continue in the same capacity in Beverly Hills.
According to Regency president, David Kols, "We are in business to enhance the hobby by building a service driven organization, and to make money for our shareholders. In order to continue Regency's growth, we found that Superior was a perfect opportunity – adding their rich history in the stamp and related collectibles business to ours, and providing a strong presence in Southern California, in what may be the wealthiest geographic market in the country. In addition, A-Mark Auctions has extended Regency a $1 million Line of Credit allowing us to purchase larger deals for outright cash. As an interesting aside, California represents the second largest concentration of Regency's shareholders in a given state after Missouri. We are confident that at the end of the day Superior Stamps and Regency together will be more profitable and be the foundation of a future IPO."
A-Mark's President Steven Markoff said, "With Regency's operational know how and focus, and with A-Mark's Line of Credit, the future looks quite bright for David Kols and his companies. The Line of Credit should allow Regency to aggressively compete for the best properties, and fund purchases they were unable to make in the past. We look forward to our involvement with them as a shareholder and lender."
David Kols has a successful track record. In just ten years, he has built Regency into one of the nation's leading stamp auction houses. And, with its energetic staff, state of the art computer system, and new larger office in St. Louis, the timing could not be better.
Plans are under way to continue Regency's four major auctions each year, plus add two more sales in California. Regency's next sale is scheduled for November 16th in St. Louis, featuring almost $1 million of no reserve philatelic material – mostly large box lots and collections. Superior's first sale under Regency's ownership is scheduled for January 20-21, 2003 at its Beverly Hills office.
For more information, collectors should contact Regency-Superior Stamps & Collectibles at (800) 782-0066, Fax: (314) 361-5699, Email: info@RegencyStamps.com
or visit their shop at: Regency Stamps, 229 N Euclid Ave, St. Louis, MO 63108-1505. Website: http://www.regencystamps.com.
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