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Press Release DOVEBID® ACQUIRES THE VICTOR MORRIS GROUP AND MASONGREENE AUSTRALASIA Pty Ltd. Leading B2B Webcast Auctioneer Expands Asia-Pacific Presence Foster City, CA (August 16, 2000) - DoveBid, Inc., a leader in Webcast and online capital asset auctions and valuation services, today announced the acquisitions of two Asia-Pacific used capital asset auction and valuation service companies: The Victor Morris Group and Masongreene Australasia Pty Ltd. Through these acquisitions, DoveBid expands its geographic presence in the Asia-Pacific region, adding offices in, Hong Kong, Singapore, Thailand and Australia. "We're very excited about the value Victor Morris and Masongreene will bring to DoveBid's customers," said Ross Dove, DoveBid chairman and chief executive officer. He added, "These acquisitions provide us with a local presence in Asia and Australia and will help us to better serve our multi-national customers who sell assets worldwide." Victor Morris conducted approximately 100 auctions in 1999, generating asset sales of $50 million on behalf of its clients through offices in Singapore, Hong Kong, and Thailand. Through this acquisition, DoveBid strengthens its presence in Asia and adds a portfolio of Victor Morris clients that includes the Government of Singapore, the Development Bank of Singapore, Hong Leong Finance and Maybank. Vincent Wee, formerly managing director of Victor Morris, will join DoveBid as co-director of Asia-Pacific. He stated, "With offices throughout Asia, we feel the combination of DoveBid and Victor Morris auction and appraisal services can accommodate the business needs in this region and provide value to buyers and sellers around the world." Supanit Chaiyawat and Francis Yau will also join DoveBid as directors of auctions and valuation services in Thailand and Hong Kong. Masongreene is based in Melbourne, Australia, and has auctioned hundreds of millions of dollars of machinery and equipment in Australia and Asia. Key clients include Australian Defense Industries (ADI), Ansell International, B.H.P. and National Bank. Chris Mason, formerly managing director of Masongreene, will join DoveBid as co-director of Asia-Pacific. He stated, "Masongreene is excited to become part of the DoveBid family. Our decision to join forces was easy. DoveBid's proprietary Webcast capability enhances our capital asset disposition services." About DoveBid Corporate Contact:
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