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Press Release DOVEBID® TO ACQUIRE ZONETRADER™ - World's Leading Industrial Auctioneer Continues Aggressive Expansion Plan And Launches "DoveBid Management Services" to Global 4000 Companies - FOSTER CITY, Calif. (January 8, 2002) - DoveBid, Inc., the worldwide leader in Webcast industrial auctions, valuation services, and other capital asset management and disposition services for the Global 4000, today announced an agreement in principle to acquire ZoneTrader's business. ZoneTrader is a leading full-service asset management solutions company providing web-based capital asset management tools for both internal and external asset redeployment. ZoneTrader, based in Minneapolis, MN, manages and remarkets surplus assets in over a dozen vertical industries. Its proprietary marketplace solution has a well established customer base. Major clients include Delphi Automotive, Dow Chemical Corporation, Eaton Corporation, Cummins, Ford Motor Company, and Lucent. The acquisition of ZoneTrader will launch DoveBid's newest asset service offering, "DoveBid Management Services," (DMS). DMS will enable companies to load assets on a private intranet for internal redeployment first, and then for resale to a public, global audience. "I am excited about DoveBid's ability to expand its product offering to include ZoneTrader's Asset Zone," said Ross Dove, DoveBid Chairman and Chief Executive Officer. "ZoneTrader has had great success and will help expand our client base of Global 4000 companies." DoveBid and ZoneTrader together become the dominant powerhouse in the management and remarketing of capital assets. The combined entity will have over 400 employees in 20 countries. Customers will be able to access an array of asset management and disposition services including Webcast auctions, featured online auctions, liquidations, private treaty sales, sealed bid auctions, asset management tools, and valuations worldwide. "ZoneTrader embraces this business combination. DoveBid has already established themselves as the clear leader in Webcast and online auctions in the used capital asset auction arena," said David Gigerich, Chairman and CEO of ZoneTrader. "ZoneTrader has established itself as the clear leader in web-based asset management solutions. We believe our customers will greatly benefit from access to DoveBid's turnkey services and global auction capabilities and that we bring to DoveBid a wealth of experience in asset management with over 30 global clients already on board." About DoveBid® # # # DoveBid Corporate Contacts:
Shanta A. Kohli |