Money4Gold and My Gold Envelope Complete Merger of Equals
May 11, 2009 8:07:00 AM
Copyright Business Wire 2009
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View Additional ProfilesBOCA RATON, Fla.--(BUSINESS WIRE)-- Money4Gold Holdings, Inc. (OTCBB: MFGD) today announced that it has acquired a leading competitor, MGE Enterprises Corporation d/b/a My Gold Envelope, through a share exchange with the privately-held Wyoming corporation's shareholders. Money4Gold, which has approximately 81,000,000 shares of common stock and 11,900,000 shares of convertible preferred stock outstanding, has issued 74,876,432 shares to My Gold Envelope's shareholders. My Gold Envelope provides Money4Gold with the ability to reach a broader number of consumers through their experience in television advertising, direct response, and retail distribution and sales.
In accordance with the closing, Hakan Koyuncu resigned as Money4Gold's Chief Executive Officer and was appointed President of Money4Gold and Chief Executive Officer of its international operations. Additionally, Daniel Brauser resigned as President but remains Chief Financial Officer of Money4Gold. Douglas Feirstein and Todd Oretsky, both of My Gold Envelope, have been appointed Chief Executive Officer and Chief Operating Officer of Money4Gold, respectively. Money4Gold's Board of Directors has been expanded giving My Gold Envelope three designees on Money4Gold's Board of Directors. The Board of Directors now consists of Hakan Koyuncu, Daniel Brauser, Scott Frohman, Jason Rubin, Neil McDermott, and Messrs. Feirstein and Oretsky who were appointed as My Gold Envelope's designees. Messrs. Oretsky and Feirstein have entered into three-year employment agreements containing terms similar to those in the employment agreements of Messrs. Koyuncu and Brauser, which have been extended so that all four agreements expire May 5, 2012.
According to Daniel Brauser, "We are excited to have Doug Feirstein and Todd Oretsky join our management team. We believe we now have the management depth and expertise necessary for our planned future growth. With our ability and experience of reaching consumers on the Internet and My Gold Envelope's strength doing the same through multi-language television advertising along with a retail store presence, we view this as a win/win for both parties that will enable the combined entity to expand rapidly with an increase in revenues, decrease in costs and ultimately profitability."
Doug Feirstein of My Gold Envelope added, "In its first year of operations, Money4Gold has grown significantly and has demonstrated an online marketing expertise. With its proprietary platform, coupled with its international exposure and direct relationship with one of the nation's largest precious metals refineries, we are excited to be joining Money4Gold."
About Money4Gold Holdings, Inc.
The Company's mission is to increase shareholder value by producing gold, platinum and silver in increasing quantity, and without the risks of mining, large capital costs or the attendant environmental and political hazards. Management believes Money4Gold can offer the upside potential of the thriving international precious metals markets by the broad-scale acquisition, recycling and production of gold, platinum and silver, while concurrently providing a new level of service and payout to individuals and groups wanting to sell their precious metals. Through Money4Gold's consumer websites, including; www.Dollars4Gold.com, www.Dollars4Gold.ca and www.money4golduk.com, the company strives to provide the most convenient, efficient and secure method for individuals to recycle items containing precious metals. For more corporate information, please visit www.Money4Gold.com.
About My Gold Envelope
My Gold Envelope (mygoldenvelope.com and sobredeoro.com) is a leading national buyer of gold through multi language television advertising and online marketing in the continental United States and Puerto Rico. My Gold Envelope strives to provide its customers with the largest cash payment for broken or scrap jewelry in a secure, innovative and convenient way. Management has extensive experience in creating and growing businesses that provide shareholder value in a broad array of industries, including national retail distribution and sales, direct response, internet marketing and finance.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act") including increases in revenues, decreases in cost, reaching profitability and our planned future growth. Additionally, words such as "seek," "intend," "believe," "plan," "estimate," "expect," "anticipate" and other similar expressions are forward-looking statements within the meaning of the Act. Some or all of the events or results anticipated by these forward-looking statements may not occur. Factors that could cause or contribute to such differences include the impact of competition, the future prices of gold and other precious metals, future economic conditions, and the condition of the global credit and capital markets and any issues that may arise in integrating the two companies. Further information on Money4Gold's risk factors is contained in its filings with the Securities and Exchange Commission, including the Form 10-K filed on April 15, 2009. Money4Gold does not undertake any duty nor does it intend to update the results of these forward-looking statements.
Source: Money4Gold Holdings, Inc.
Chief Financial Officer