PRESS RELEASE

FOR IMMEDIATE RELEASE: August 24, 2004

WHAT: Magnífico Arts Incorporated to Close Gallery

CONTACT: Magnífico Arts Incorporated - 505-242-8244
or Eduardo Duffy, Board Chairman at eduffy@bhf-law.com

As part of its decision to move forward in a more directed, efficient manner, the Board of Directors of Magnífico Arts Incorporated has decided to cease operations at 516 Central SW on August 31, 2004. Though the organization will no longer employ a staff as of such date, Magnífico plans to continue to produce Albuquerque Contemporary and Magnífico Honors exhibition programs in cooperation with the Albuquerque Museum and to explore other opportunities that are compatible with the organization's mission and community needs. The organization further intends to consider potential partnerships and collaborative efforts with public and private organizations. Magnifico's Board believes that this streamlining will allow it to maximize its operating efficiencies.

Magnífico wishes to express gratitude and appreciation to friends and patrons for their continuous support over the years and hopes that the organization can count on their continued support during this next phase. Thanks to their generous support, Magnífico has been able to provide a wide variety of high-caliber exhibits and programs throughout the years. Magnífico also would like to thank HDIC and the McCune Foundation for their support and allowing the organization to become the "seed" for the growing arts development in such a great downtown location. In continuing its arts focus downtown, HDIC plans to continue leasing this prime location to an arts anchor for downtown. The arts in Albuquerque's downtown, during Magnifico's tenure at 516 Central, SW, has secured its place with the community and will continue to evolve as Albuquerque grows.