Hearts on Fire Acquires Memoire

April 12, 2004

Hearts on Fire Acquires Memoire

Hearts On Fire Co. announced it has acquired Memoire, a supplier of diamond wedding bands and luxury jewelry. Headquartered in Skaneateles, NY, Memoire, founded in 1984, will operate as a totally independent subsidiary of Hearts on Fire. Doug and Nancy McDowell, co-owners of Memoire, will continue in their roles, and plan no changes to the Memoire organization.

"The partnership between Hearts On Fire and Memoire gives both companies a natural synergy in the luxury jewelry market," says Glenn Rothman, CEO and Founder of Hearts On Fire Co. "We are confident that the combination of Memoire and Hearts On Fire will provide Memoire's customers with an even more valuable and stronger vendor partner. We also believe that we can play an integral role in taking Memoire to new heights, while maintaining the integrity of the brands. We plan no changes to the Memoire organization; this excellent operating company will remain completely autonomous and now will be able to sustain significant growth while benefiting from the depth and solid financial foundation of [our partners] the Eurostar Companies."

"Nancy and I are excited to join the Hearts On Fire family," says Doug McDowell. "Glenn and Susan Rothman have created a phenomenal company built around passion, perfection and dedication to their customers." Best known for quality and service, Memoire has experienced significant sales increases in recent years. Doug McDowell is a member of the Twenty Four Carat Club New York and the Twenty Four Carat Club of California and sits on a number of industry boards including Couture and the Prestige Promenade.

Hearts On Fire specializes in the development, branding and marketing of Hearts on Fire diamonds and luxury jewelry. Hearts On Fire products are sold in more than 500 leading retailers in over 16 countries. The Hearts On Fire Co. is headquartered in Boston, MA, and is rapidly expanding internationally, with new regional offices in Asia, Europe and Latin America opened in 2003.

The Rothmans and Doug McDowell will sponsor a toast to the new partnership at their stand during BaselWorld. The toast takes place Saturday, April 17 at 1 p.m. at the Hearts on Fire booth, Hall 2.1, Stand E 90.

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