8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 OR 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) May 5, 2005

DREAMS, INC.

(Exact name of registrant as specified in its charter)

Utah	000-30310	87-0368170
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2 South University Drive, Suite 325, Plantation, Florida	33324
(Address of principal executive offices)	(Zip Code)

(954) 377-0002

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events.

On May 5, 2005, the Company issued a press release announcing that it is extending until 5:00 p.m., Mountain Standard Time, on May 11, 2005, the expiration date of the rights offering. The rights offering is subject to the terms and conditions of a Prospectus dated April 8, 2005. A copy of the press release is filed as an exhibit herewith.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits.

99.1 Press Release dated May 5, 2005

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: May 5, 2005

DREAMS, INC.
By:	/s/ David Greene
	David Greene
	Secretary

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release dated May 5, 2005

EX-99.1

NEWS RELEASE

For Immediate Release

Contact: David M. Greene

Dreams, Inc.

Investor Relations

Phone: (954) 377-0002

dgreene@dreamscorp.com

Dreams, Inc Extends Rights Offering

PLANTATION, FL., May 5, 2005 - Dreams, Inc. (OTCBB: DRMS) (the “Company”) announced today that it is extending until 5:00 p.m., Mountain Standard Time, on May 11, 2005, the expiration date of the rights offering. The rights offering is subject to the terms and conditions of a Prospectus dated April 8, 2005 (the “Prospectus”).

This press release amends and supplements the Prospectus and the related subscription documents with respect to the matter described above. All other terms and conditions of the Prospectus and the related subscription documents remain in full force and effect. This press release is not an offer to sell or the solicitation of an offer to buy any security and does not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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 32 premier shopping malls across the country, thirteen 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 represent two recent acquisitions of valuable real-estate on the internet providing licensed sports products and autographed memorabilia.

DREAMS, INC. TRADES PUBLICLY UNDER THE SYMBOL DRMS.

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.