Exhibit 99.1






DR. PHILLIP FROST INVESTS IN DREAMS, INC.




Ft. Lauderdale, FL, November 1, 2006: Dreams, Inc. (DRMS.OB) announced today
that Dr. Phillip Frost, through the Frost Group, LLC, has purchased 14.7% of the
Company's outstanding stock. Dr. Frost, one of Florida's foremost business
leaders and innovators, has been the Chairman of Key Pharmaceuticals, Inc., and
the founder, Chairman and CEO of IVAX Corporation - two of Florida's most
successful pharmaceutical companies. Dr. Frost is currently Co-Vice Chairman of
the American Stock Exchange and has recently become the Chairman of Ladenburg
Thalmann, one of the United States' and Europe's oldest full service investment
banking and brokerage firms.


Ross Tannenbaum, Dreams, Inc. President and Chief Executive Officer, said, "We
are flattered by Dr. Frost's confidence in our business model."


Dr. Phillip Frost said, "The sports industry is one of the largest and fastest
growing industries in the United States. Dreams Inc.'s management skills and
reputation for integrity provide it with an advantaged position in the highly
fragmented, but profitable market for licensed sports merchandise. The company's
objective to achieve a dominant market share over the next few years through
internal growth and acquisitions seems very obtainable."


In January of 2006, IVAX Corporation was acquired by Teva Pharmaceuticals
Industries Ltd (Nasdaq:TEVA) for $7.4 billion. Dr. Frost serves as Co-Vice
Chairman of Teva's board of Directors. Dr. Frost is also currently a director of
Northrop Gruman Corporation and on the Board of Trustees of the University of
Miami, and the Scripps Medical Research Institute. Dr. Frost was previously the
Chairman of the Department of Dermatology at Mt. Sinai Medical Center of Greater
Miami.


Dreams, Inc. is a vertically integrated sports memorabilia and licensed products
firm. It is the public holding company of several operating divisions with some
of the strongest and most recognized brands in the field. They include Mounted
Memories, Field of Dreams, FansEdge, ProSportsMemorabilia.com, The Greene
organization and Malcolm Farley Art.



###




About Dreams, Inc.:



Dreams, Inc. sets itself apart from other traditional memorabilia companies with
diversified products and services provided through its operating subsidiaries.


Mounted Memories, its wholesale division, is a leader in production of authentic
sports and celebrity autographed memorabilia and collectibles.


Field of Dreams, its exclusively licensed franchise system, has retail stores
located in 29 premier shopping malls across the country, ten of which are
company-owned through Dreams Retail Corporation.


The Greene Organization organizes promotional and personal appearance events for
current and former athletes to Corporate America.




Malcolm Farley Art features the artwork of the famous sports and celebrity
artist, Malcolm Farley.


FansEdge.com and ProSportsmemorabilia.com are the leading providers of licensed
sports products and autographed memorabilia via the internet.


DREAMS, INC. trades under the ticker symbol: DRMS.OB


For more information on Dreams Inc. and its subsidiaries, please visit our web
sites: www.dreamscorp.com


www.mountedmemories.com


www.fieldofdreams.com


www.malcolmfarleyart.com


www.fansedge.com


www.prosportsmemorabilia.com


www.sportscases.com


www.peterose.com.


www.danmarino.com


www.johnelway.com


www.dickbutkus51.com


www.mikeschmidt.com


www.bigben7.com


To receive future Dreams, Inc. news releases or announcements directly via
Email, please register in the Dreams Email Broadcast at:


http://www.dreamscorp.com/InvestorInfo/signUp.aspx



Dreams, Inc. Investor Relations Contact Info:




David M. Greene, Senior Vice-President



Phone: 954-377-0002


Fax: 954-475-8785


dgreene@dreamscorp.com



Public Relations for Dreams, Inc.:




Boardroom Communications



Jennifer Clarin and/or Caren Berg


Phone: (954) 370-8999, Fax: (954) 370-8892


Email: jclarin@boardroompr.com



# # #



Statements contained in this press release, which are not historical facts, are
forward looking statements. The forward-looking statements in this press release
are made pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995. Forward-looking statements made herein contain a
number of risks and uncertainties that could cause actual results to differ
materially. These risks and




uncertainties include, but are not limited to, specific factors impacting the
Company's business including increased competition; the ability of the company
to expand its operations and attract and retain qualified personnel, the
uncertainty of consumer's desires for sports and celebrity memorabilia; the
availability of product; availability of financing; the ability to sell
additional franchises; and general economic conditions.