CloseOutNow.com(TM), a cutting edge, one-stop, total solution B2B auction servicing the $100 billion market of excess fashion inventories, announced yesterday evening at its official launch event that it has secured $100 million in contracts and has opened a European office in Florence, Italy.

"We have exceeded our own expectations," said Steven R. Lubinski, Chairman and CEO of CloseOutNow.com. "Our technology staff has worked long days and many nights to have our site ready for launch. But our sales and marketing staff has worked equally hard and I'm thrilled that as we go live with our site we are able to also celebrate considerable success on the business side. $100 million in contracts as we launch is a tremendous achievement that validates this idea."

The company's new office in Florence, Italy will allow it to build important relationships with manufacturers, wholesalers and retailers in the region. "We are more than a cyber company. We are a full-service, total solution and it is important for us to be close to our customers. The European market is particularly important to us," said Lubinski.

Lubinski made the milestone announcements at a gala party and charity auction held in Manhattan's trendy West Village. The event was hosted by CloseOutNow.com spokesperson Wendie Malick, star of NBC's hit sitcom "Just Shoot Me." Attendees included CloseOutNow.com staff, investors, strategic partners, fashion industry executives and members of the media.

A charity fashion show of "close out" apparel and a silent auction were also held. Proceeds will go to the Ovarian Cancer Research Fund.

About CloseOutNow.com(TM)
CloseOutNow.com is a privately held, B2B on-line auction site for excess inventories of branded and non-branded fashion merchandise. Based in Manhattan's Fashion District, CloseOutNow.com offers a global solution for manufacturers, wholesalers and retailers, both in its scope of services and its geographic reach. The company is the brainchild of fashion field notables Steven R. Lubinski, Chairman and CEO, and R. Fulton Macdonald, Vice Chairman and chief e-commerce officer, who together bring over 70 years of fashion and retail industry experience to the venture. In addition to facilitating a marketplace for buyers and sellers, the full-service auction will also provide financing and logistical support, if necessary, to its customers.