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Press Release DOVEBID ACQUIRES NORMAN LEVY ASSOCIATES Leading B2B Webcast Auctioneer Nearly Doubles in Size FOSTER CITY, Calif. (March 24, 2000) — DoveBid, Inc., a leading B2B on-line marketplace for capital assets featuring Webcast auctions and value-added services, today announced the acquisition of Norman Levy Associates, Inc. With headquarters in Detroit, Norman Levy Associates is a worldwide auction and valuation service firm that has auctioned billions of dollars-worth of goods during its existence. The firm generated approximately $75 million in sales and more than $7 million in valuation revenues last year. Norman Levy Associates has won the Chrysler Award of Excellence three years in a row for vendor excellence. Through this acquisition, DoveBid adds nearly 100 auction and valuation professionals as well as a history of clients that include Daimler-Chrysler, McDonnell-Douglas, GE Capital, Boeing, AT&T and the Digital Equipment Corporation to its auctioneering portfolio. Robert Levy, formerly CEO of Norman Levy Associates, will join DoveBid as president of DoveBid International and will sit on DoveBid’s Board of Directors. David Levy will join DoveBid Valuation Services as Executive Vice President and will co-chair DoveBid’s Valuation Committee. "The combination of our companies adds to our auction and appraisal capabilities," said Ross Dove, DoveBid chairman and CEO. "The combined auction calendar creates a more continuous flow of Webcast auctions on the DoveBid website." "We welcome the opportunity to join forces with a firm we have respected and competed with for many years," said Robert Levy. David Levy added, "The merging of our valuation systems gives DoveBid clients valuation accuracy across the board." About Dovebid Headquartered in Foster City, Calif., DoveBid has corporate and partner offices in Atlanta, Boston, Charlotte, Chicago, Detroit, Flagstaff, Greenwich, Houston, Los Angeles, Minneapolis, San Jose, St. Louis, Toronto, London, Mexico City and Seoul. DoveBid’s e-commerce auction site includes 19 categories of capital assets, including: computers, disk drive and media manufacturing equipment; biotech and lab equipment electronics; electronic test and measurement; food and chemical processing; packaging and converting; 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; telecommunications equipment; textile and apparel manufacturing equipment; and plant support equipment. DoveBid Valuation Services provides appraisal and asset management services for sellers, buyers and financial institutions. For more information, visit DoveBid’s Web site at http://www.dovebid.com or call company headquarters in Foster City, Calif., at (800) 665-1042 or (650) 571-7400.
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