Abazias Raises $300,000 in Funding
Abazias is pleased to announce they have raised an additional $300,000 in private placement funding. The purchase by two accredited investors concluded at $1.50 per share for a total of 200,000 restricted shares issued pursuant to Rule 144 of the Securities Act of 1933. The agreement does not include warrant coverage. This funding further signifies Abazias’ continued progress while larger competitors like Odimo announce that they are ceasing all operations spending over $100MM in the process.
Proceeds will be used to further implement Abazias' business plan, which includes but is not limited to a larger marketing budget to increase awareness of its current dominant status as the largest online site for loose diamonds. CEO Oscar Rodriquez commented, "We have had a record year basically doubling revenues and with this funding, combined with competitors going under, we will be able to increase our presence in the marketplace and prosper.”
Abazias Diamonds has undergone a recent transformation with a new stock symbol (ABZA); and more attractive price as a result of a recent stock split. The online diamond leader was recently featured in an IDEX (International Diamond Exchange) feature about Online Jewelers Gaining Significant Market Share. This article, which paired Abazias with the likes of larger organizations like Blue Nile and Odimo, says online jewelers are not only putting pricing pressure on store-based retailers, but their online financial model is also causing traditional jewelers to re-think their business model.
Abazias.com has created a strong customer following based on customer service and site innovations that let shoppers create their own jewelry. In addition to delivering quality diamonds at wholesale prices, Abazias.com is also a full-service jeweler offering a large selection of settings for stones purchased.
Abazias.com showcases over 80,000 diamonds, valued at over $400 million on its site at www.abazias.com. Most of Abazias.com's diamonds are GIA, AGS or EGL certified. Abazias.com offers the "Couples Diamond�" which is required to meet even higher standards for cut, clarity and dimensions. Abazias.com is also a full-service jeweler offering a large selection of settings for stones purchased.
For more information, please visit www.abazias.com