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ots Ad hoc-Service: AG reports significant revenue growth

Ad hoc-announcement edited and sent by DGAP. The sender is solely responsible for the contents of this announcement. -----------------------------------------------------

    Frankfurt (ots Ad hoc-Service) -      

    . Nine month revenue increases by 87% over year-ago period     . Infrastructure build-out nearly completed, expenditure to decline in fourth quarter     . Close cost management lowers loss compared to second quarter of Frankfurt and New York reached $3.34 million in revenue for the first nine months of 2000, an increase of 87% over the year-ago period. Revenue for the third quarter totaled $1.213 million, an increase of 82% over the year-ago period and 9% over second quarter 2000.

      The online gallery network made the strongest contribution to
revenue with $2.274 million in the nine months, compared to $1.296
million in the 1999 period. (Third quarter 2000 $0.775 million; third
quarter 1999 $0.433 million). Revenue rose from a greater number of
customers and a higher yield per customer.

      Total operating expenses were $14.961 million in the first nine
months, compared to $9.825 million in the 1999 period. Operating
expenses for the third quarter were $5.061 million, up 40% from the
1999 quarter and 7% from the second quarter. In 1999 investment in
infrastructure, technology and marketing did not commence until the
third quarter, hence nine-month expenditure was lower than 2000
levels. In the 2000 second and third quarters the rate of expense
growth slowed reflecting the completion of projects and maturation of
the infrastructure. In the fourth quarter expenditure is expected to

      As a result, will report a decline in net loss for the
first time. Net loss for the first nine months of 2000 was $12.788
million, compared to $7.498 million in the 1999 period. Net loss for
the third quarter was $4.338 million, a decrease of $0.073 million
over the second quarter ($4.411 million).

      The company ended the period with $4.179 million in cash
resources. Total cash used in operating activities in the first nine
months totaled $9.774 million, compared to $4.870 million in the 1999
period (3rd quarter 2000: $3.20 million). Due to the successful
investments and strong continuing revenue growth the company has
sufficient liquidity to fund operations into 2001. continues to pursue a strategy of expansion in all
product areas in 2000, combined with a strong management focus on
results. In the fourth quarter acquired to
expand its marketing efforts to European art fairs, and further
business alliances are expected.

      The full text of the nine-month is available on the
web site at

      For further information/ Weitere Informationen:

      Grace E. Schalkwyk Chief Financial Officer
Tel: 001-212-497-9700 x256 Fax: 001-212-497-9707

      Dr. Bernhard Blohm equinet Communications Tel: 49 (0) 69-58997-300 Fax: 49 (0)

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