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Press Release DOVEBID® ACQUIRES TRADEOUT™ - World’s Leading Industrial Auctioneer Continues Aggressive Expansion Plan with its 15th Acquisition in Less Than Two Years - CEO of GE Capital’s Transport International Pool (TIP) Nominated to Board of Directors FOSTER CITY, California (August 6, 2001) - DoveBid, Inc., the worldwide leader in Webcast industrial auctions, valuation services, and other capital asset disposition services for the Global 4000, today announced the acquisition of TradeOut, a leading provider of Internet-based services that enable businesses to buy, sell and manage their excess inventory and off-lease assets. TradeOut, based in Valhalla, New York, offers surplus assets in 12 categories. TradeOut is a preferred asset remarketing distribution partner for several GE Capital businesses including GE Capital Commercial Equipment Financing, GESeaCo, Transport International Pool (TIP), GE Capital Fleet Services, and Penske Truck Leasing. TradeOut has sold over $50 million of trucks, buses, containers, and trailers. TradeOut brings domain expertise and an established customer base in commercial transportation to DoveBid and launches DoveBid’s commercial transportation asset category. DoveBid now expands its offering in industrial auction and appraisal services to 20 asset categories. "I am excited about DoveBid’s ability to expand its platform from capital assets into commercial transportation," said Ross Dove, DoveBid Chairman and Chief Executive Officer. "TradeOut has had great success with GE and others in Internet selling of a wide range of transportation assets. Integrating their industry expertise into our model truly makes DoveBid even more of a world-class leader." This acquisition expands DoveBid’s long-established capital asset disposition and appraisal business with GE to encompass TradeOut’s commercial transportation business. GE Capital has demonstrated its confidence in DoveBid by nominating Jim Robo, Chief Executive Officer of Transport International Pool (TIP), to join DoveBid’s board of directors. "I am very excited to be joining DoveBid’s board of directors," said Jim Robo, Chief Executive Officer of TIP. "GE Capital is committed to the Internet and to working aggressively with world-class companies that have embraced the Internet. GE Capital’s experience with TradeOut has proven to us that the global reach of the Internet maximizes asset values. This acquisition uniquely positions DoveBid as the premier provider of auction and appraisal services." DoveBid will help TradeOut customers access an array of asset disposition services including Webcast auctions, featured online auctions, liquidations, private treaty sales, sealed bid auctions and valuations. DoveBid reaches buyers and sellers around the world with its global marketing reach and Webcast technology. "DoveBid's strength in Webcast and online auctions has already made it the clear leader in the used capital asset auction space," said Mark Ullman, President and Co-Chief Executive Officer of TradeOut. "We believe our customers will greatly benefit from access to DoveBid’s turnkey services and global auction capabilities. Sellers will be able to better maximize their return on assets, and buyers can choose from assets in 20 categories." In May 2001, DoveBid reported that net revenues for the first quarter of 2001 reached $27.6 million — a 500% increase over the first quarter of 2000. Net revenues for DoveBid jumped from $12 million in 1999 to over $80 million in 2000. DoveBid projects positive operating income in Q3 and Q4 of 2001. About DoveBid® DoveBid has more than 20 offices throughout North America, Europe and the Asia-Pacific region. More information on DoveBid can be found at http://www.dovebid.com or by contacting company headquarters in Foster City, California, at (800) 665-1042 or +1 (650) 571-7400. DoveBid and the DoveBid logo are trademarks of DoveBid, Inc. # # # Corporate Contact:
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