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Press Release DOVEBID ANNOUNCES LIVE WEBCAST CAPABILITIES FOR ON-SITE B2B ASSET AUCTIONS — Internet Broadcast Capabilities Bring Real-time Action of DoveBid’s On-Site B2B Auctions to Capital Asset Buyers Around the World — — Initial Webcast Auctions Log Bids as High as $120,000 from Remote Buyers — Foster City, CA (February 22, 2000) — DoveBid, Inc., a leading online and on-site webcast business-to-business (B2B) auctioneer and capital asset sale advisor, today announced that all major DoveBid on-site auctions will be broadcast live over the Internet, thereby enabling remote buyers to bid real-time. The addition of webcast capabilities to DoveBid’s "physical world" auctions tangibly underscores the company’s true "clicks-and-mortar" approach to B2B transactions. A first-mover in offering webcast capabilities for B2B capital assets, DoveBid is auctioning business assets worth more than $65 million (original purchase value) in its schedule of upcoming webcast auctions. DoveBid’s "no latency" on-site webcasts allow remote buyers around the globe to bid real-time against bidders who are on-site at plant auctions. Remote buyers simply make their bids while listening to the auction and viewing the auction from a web browser. In addition, potential buyers may preview all capital assets prior to the auction on their computers - including streaming video for select assets. Buyers can then determine in advance whether they want to bid for the assets over the web or travel to the auction site. DoveBid’s on-site auction participants also get to see the origin of the real-time web-based bids through world maps which identify bidder locations and are displayed on the factory floor. "Assets offered for sale at a DoveBid on-site webcast auction are ‘marked to market’ —meaning, they will sell to the highest bidder at the time of the auction," said Ross Dove, chairman and CEO of DoveBid. "Given that bidder competition for business assets drives the price to fair market value, our on-site webcast auctions afford real opportunities for people around the globe to buy and sell business assets at the right price." "Now, with DoveBid’s live webcast capabilities, capital asset buyers can enjoy the real-time excitement of the live auction experience, regardless of where they happen to be situated," added Kirk Dove, president of DoveBid’s auction services. "Finally buyers can experience the real-time excitement and action of the gavel over the Web." DoveBid’s public announcement of the webcast capability follows successful "beta" on-site webcast auctions for Raytheon Company, TDY Industries, NEC Packard Bell and Valtron Technologies. At these auctions, over 1300 lots had web bids as well as floor bids, with remote bidders from as far away as Australia and Germany. Winning web bidders spent as much as $120,000. Assets purchased over the web included machine tools, test equipment, computer equipment and furniture. "We were extremely pleased with the results from the live webcast," said Doug Cook, facility transition director of Raytheon Systems Co. "DoveBid has the real-world expertise needed to get assets sold — at the right price, in the right timeframe — which is what business asset transfer is all about. It’s not just about eyeballs to a web site. It’s about dollars to the bottom line." Prospectively, every major on-site auction conducted by DoveBid will feature a webcast component. DoveBid’s next on-site webcast auction is scheduled for 10am EST on February 23, 2000, for Northrop Grumman in Pittsburgh, PA, and will feature over 1,000 lots. To participate in this auction via the web, simply register by 6pm EST February 22 at http://www.dovebid.com. Additional upcoming DoveBid Webcast auctions include: About DoveBid DoveBid’s e-commerce auction site features: computers, disk drive and media manufacturing equipment; biotech and lab equipment electronics; electronic test and measurement; food and chemical processing; woodworking equipment and mills; metalworking and machine tools; office furnishings and equipment; plastics equipment; audio-video-broadcast production equipment; power production equipment; printing equipment; printed circuit board fab and assembly equipment; semiconductor fab equipment; telecommunication equipment; textile and apparel manufacturing equipment; plant support equipment; and pulp and paper equipment. DoveBid also provides complete valuation services for sellers, buyers and financial institutions. Since 1937, DoveBid has successfully sold more than $5 billion in corporate assets, selling more than 10 million individual lots. For more information, visit DoveBid’s web site at http://www.dovebid.com, or call company headquarters in Foster City, CA, at (800) 665-1042 or (650) 571-7400.
Lisa Hawes
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