Corporate | 21 September 2015 08:00
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DGAP-News: Weng Fine Art AG / Key word(s): Miscellaneous
PRESS RELEASE | 21 SEPTEMBER 2015 Weng Fine Art AG with another Portfolio Deal and doubled Revenue Forecast for E-commerce Subsidiary Weng Fine Art AG reports a second portfolio deal. A couple of days after the e-commerce subsidiary WFA Online AG, WFA Trading GmbH also completed a large-volume deal. It signed an agreement on the sale of prints and multiples with an international distribution partner for EUR 825,000. This transaction is the highest individual deal since WFA Trading was set up in 2011. Most of the revenues of this transaction will become effective in 2016. The company, a 100% subsidiary of Weng Fine Art AG, which is listed on the Frankfurt Stock Exchange, is in negotiations for additional portfolio deals. At the same time, WFA Online AG has significantly raised its revenue prediction for the current fiscal year. The company, which is based in Zug/Switzerland, launched its website www.wengcontemporary.com only on 28 May 2015 and is now targeting sales of more than 1 mio. EUR for 2015. Originally, revenues in the first year were expected to add up to only EUR 500.000. ABOUT WENG FINE ART AG Weng Fine Art AG (www.wengfineart.com), with subsidiaries in Germany and Switzerland, is a leading internationally operating art dealing and art service company. The founder-led company combines a long-term expertise in the art market with economic know-how. Other factors of success are the large inventory of artworks of the 20th and 21st century as well as the access to attractive funding. In addition to the traditional art dealing activities the company targets a leading role in the art e-commerce. Market know-how, the lack of competition and the comprehensive company-owned stock of high quality artworks will be the key to success of WFA Online AG in this segment. The shares of Weng Fine Art AG are listed in the Entry Standard of the Frankfurt stock exchange. CONTACT
Weng Fine Art AG
2015-09-21 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
| Language: | English | |
| Company: | Weng Fine Art AG | |
| Kimplerstraße 294 | ||
| 47807 Krefeld | ||
| Germany | ||
| Phone: | 02151 937130 | |
| Fax: | 02151 93713-29 | |
| E-mail: | art@wengfineart.com | |
| Internet: | www.wengfineart.com | |
| ISIN: | DE0005181606 | |
| WKN: | 518160 | |
| Listed: | Regulated Unofficial Market in Berlin; Open Market (Entry Standard) in Frankfurt | |
| End of News | DGAP News Service |
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| 395999 2015-09-21 |