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 April 1, 2005 Gemstone Development Announces Completion of Distribution of Shopping.Com Proceeds to Partners 2000 Investment in Shopping.Com Yields 800% Absolute Return (Las Vegas, NV) - Gemstone Development announced today that it had completed liquidation and distribution to partners of the final proceeds from its private equity investment in Shopping.Com, Inc, made in 2000. Limited Partners in Gemstone/Edelstein Capital I, LLC will be receiving their final cash distributions shortly. Shopping.Com recently went public, trading under the ticker symbol SHOP. The liquidation was accomplished at an average price of $28.25, and the basis price for the shares was $3.60. The investment was originally made in Digital Jones, Inc, which was purchased by DealTime, which subsequently merged with and adopted the name Shopping.Com. "Shopping.Com has had a long haul," said Alexander Edelstein, Gemstone Development CEO, “but its ultimate success validates our original late 90’s confidence in the economic power of electronic commerce. I’m pleased to be able to deliver this strong return to our partners.” This continues the steady liquidation of Gemstone/Edelstein Capital I, LLC, a 1999-2000 technology investment fund. The primary remaining assets in the fund are investments in Tellme Networks, NeoIT, and Cloudmark. Gemstone Development is an integrated investment and development company with operations in Real Estate and Private Equity investment. The company is the developer of the Manhattan Condominiums project on Las Vegas Boulevard in Las Vegas (www.manhattanlv.com), which brings urban convenience, luxury and style to Las Vegas, but delivers it at a surprisingly affordable price point. It’s private equity investments have included Google, Shopping.Com and Inktomi and currently include Cloudmark, Tellme Networks, and the Broadway Production of “The 25th Avenue Putnam County Spelling Bee”. For more company information, visit the Gemstone Development website at www.gemstonedev.com or dial 702-614-3193. Contact: Gemstone Development 702.614 3193 Back to the News page |
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