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House of Taylor Jewelry Inc establishes through merger with Nurescell

24
May '05
Los Angeles-based House of Taylor Jewelry Inc International jewelry company founded by principal shareholders Dame Elizabeth Taylor and Jack and Monty Abramov, of Mirabelle Luxury Concepts, best known for its "Mirabelle 18K" boutique consumer brand and its Techline Jewellry collections, have completed a merger transaction with Nurescell Inc., a publicly traded holding company, which has adopted the House of Taylor Jewelry Inc name for its newly merged corporation.

Principal Shareholder Dame Elizabeth Taylor to Develop Fine Jewelry Brands for New Organization with the Abramov Family

In connection with the merger agreement, through its subsidiary Global Jewelry Concepts Inc Nurescell has exchanged 30,000,000 shares of its common stock for 100% of the issued and outstanding shares of common stock of House of Taylor Jewelry. Following the merger House of Taylor will have approximately 33,750,000 outstanding shares of common stock and under certain circumstances may issue an additional 2,000,000 shares of common stock to an entity controlled by Dame Elizabeth Taylor based on performance criteria.

The Company's board of directors has appointed Jack Abramov as President and Chief Executive Officer; Jack Brehm as Chief Financial Officer; and Monty Abramov as Vice President and Design Director. Jack and Monty Abramov were principals of Mirabelle Luxury Concepts and Techline Jewelry Corporation, the Los Angeles-based jewelry business operated by their family for two generations. Jack Brehm is a former audit partner of Ernst & Young, LLP. The company intends promptly to expand its three-member Board of Directors and form independent audit and compensation committees.


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