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GCAL clarifies details of equipment sale

April 21, 2009

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New York--The Gem Certification and Assurance Lab (GCAL) has issued a statement clarifying information circulating about lab equipment that is for sale.

According to a statement from lab President and Chief Executive Officer Don Palmieri, Collectors Universe Inc., the former parent company of GCAL that sold the lab to The Palmieri Group in March, recently distributed a "misleading and inaccurate" e-mail to many of the lab's clients.

The e-mail, according to Palmieri, listed various assets of the lab as being "for sale" that are not and were never for sale.

"These certain assets were part of our initial acquisition, agreed to on March 3, 2009, and secondary acquisitions, completed by April 3, 2009, more than week before the e-mail was sent," Palmieri's e-mail states.

GCAL had offices on two floors in the 580 building in the heart of New York's Diamond District, and Collectors Universe is selling only excess space and equipment not being used or acquired by the Palmieri Group.

Collectors Universe, a Newport Beach, Calif.-based company that deals in the valuations of items such as baseball cards and autographs, once owned both GCAL and the American Gemological Laboratory but chose to exit the gem-grading business in March, due to the economic uncertainty surrounding the industry.

The Palmieri Group snapped up GCAL, purchasing the lab and various assets from Collectors Universe.

Those with questions regarding the sale of equipment can contact Palmieri at (212) 869-8985 or by e-mail at dap@gemfacts.com.
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