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Collectors Universe to sell Gemprint

August 31, 2009

Newport Beach, Calif.--Collectors Universe recently announced that it is discontinuing further development of Gemprint technology, a process that optically fingerprints diamonds in order to make them easier to trace, and that it is putting the technology up for sale.

Collectors Universe, a Newport Beach, Calif.-based company that specializes in the valuation of collectibles, such as baseball cards and autographs retained Gemprint even after its exited the gem-grading business in March by selling its two gemological laboratories. The company sold the Gem Certification and Assurance Lab back to its founder Don Palmieri and sold the American Gemological Laboratories to Chris Smith, who at the time served as the lab's chief gemologist and vice president.

In discontinuing the Gemprint business during its fourth-quarter 2009 ended June 30, "the remaining assets and liabilities of the jewelry-grading business have been classified as held for sale," according to a statement from Collectors Universe.

Collectors Universe made the announcement about Gemprint last week, while  releasing its fourth-quarter financial results.

In its results, the company reported losses from discontinued operations--which included its gem-grading business, Gemprint as well as its currency grading business--for the fourth quarter and fiscal 2009 year ending June 30 as totaling $1.3 million and $18.1 million respectively.

Its overall business saw total service revenues rise 2 percent for the fourth quarter, with Chief Executive Officer Michael McConnell stating that the company was encouraged by the financial performance during the quarter.

"The results demonstrate a commitment by all of our employees to both tactical initiatives to drive revenue as well as a keen focus on cost controls throughout the company," McConnell said in a statement.
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