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Press Release DOVEBID® VALUATION SERVICES LAUNCHES CORPORATE VALUATION PRACTICE GROUP - World’s Leading Independent Appraisal and Industrial Auctioneering Firm Delivering An End-To-End Asset Management Solution - MEQUON, Wisc. (March 18, 2002) - DoveBid Valuation Services, Inc. (DVS), a global provider of valuation services, and DoveBid, Inc., a worldwide leader in Webcast industrial auctions and other capital asset management and disposition services for the Global 4000, today announced the creation of a Corporate Valuation practice. The Corporate Valuation practice builds on DVS’ recognized leadership in providing global financial institutions, accounting firms, law firms and consultants with valuations of machinery, inventory and real estate for asset-secured transactions. "Our extension into Corporate Valuation is a natural fit and extremely timely," said Andy Gronik, president of DVS. "Changes in accounting and financial reporting scrutiny now demand independence, limiting an auditing firm’s ability to conduct valuation services. The landscape of providers, in particular the leading public accounting firms, is changing rapidly and this has resulted in many divestitures of their valuation practices. DVS and DoveBid now offer corporate clients an end-to-end solution, from valuations and consulting to asset management and redeployment to disposition, and do so free from the conflicts of interest currently facing public accounting firms. DVS brings to its customer base the power of first-hand market involvement and real-time market information garnered from the hundreds of sales of capital assets that DoveBid conducts annually. This helps make DVS appraisals a more accurate reflection of the marketplace and more defensible when scrutinized. All services are provided with a single point of contact, making the company a strong choice for valuations when precision and independence matter most." Leading the DVS Corporate Valuation practice will be two new vice presidents, R. Matthew Clark and Kevin M. Florenz. Mr. Clark will oversee business valuations and intangible assets and Mr. Florenz will be responsible for tangible assets. Before joining DoveBid, Mr. Clark and Mr. Florenz held key practice leadership positions in KPMG Consulting, Inc. (KCIN) Valuation Services Practice. Mr. Clark was KCIN’s National Telecom Valuation Leader, while Mr. Florenz led the National Tangible Asset Valuation Practice. Collectively, they have worked with numerous multinational corporations providing valuation services for mergers and acquisitions, financial and tax reporting requirements, pricing analyses for sale and divestiture purposes, and performed numerous capitalization rate studies and ad valorem tax valuations. In addition to the Corporate Valuation practice, DVS is expanding its domestic presence with new offices in Irving, Texas, a suburb of Dallas, and in Los Angeles, Calif. The Irving office will serve as headquarters for the Corporate Valuation practice. DVS is also building a sales and marketing team comprised of experienced Business Development Managers (BDM) to enhance client relationships, strengthen customer service, and increase local presence. About DoveBid Valuation Services About DoveBid® # # # DoveBid Valuation Services: DoveBid, Inc.: |