GoAntiques Inc. has voluntarily filed for protection under Chapter 11 of the Bankruptcy Code with the United States Bankruptcy Court for the Southern District of Ohio. The Company intends to utilize the Chapter 11 process to restructure its balance sheet, while continuing to provide service to its worldwide members and users.

GoAntiques recently reorganized its management team and board of directors. Ken Buhler, founder of GoAntiques, was removed as CEO and Chairman of the Board, and left the company to "pursue other interests." Buhler was replaced by CFO Dale Schexnayder, who will now serve as CEO. Former VP of Business Development, Jim Kamnikar, was named new President of GoAntiques.

The company said it is restructuring because it had taken on investment as debt, and that all prior capital came on as equity. Stanford Venture Capital Holdings, Inc., GoAntiques? lead investor, has committed post petition financing for the next 12 months.

"Stanford's funding will allow GoAntiques to continue to grow and achieve our goals," said Jim Kamnikar. "Inventory sales were up over 300% in 2002 over 2001; we are now able to focus on continuing our growth plans unimpeded. The only way to restructure our balance sheet was to file chapter 11."

GoAntiques will continue to provide service to its worldwide members and users during the restructuring. "GoAntiques remains focused on the same goals that we have had since inception - providing our Sellers with quality service and high visibility of their inventory, and with providing Buyers the best possible Art, Antique and Collectibles selection online," said Kamnikar.

http://www.goantiques.com