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Press Release DOVEBID® ENHANCES UNITED KINGDOM OPERATIONS WITH BACHE TREHARNE ACQUISITION -- Foremost Provider of Industrial Auctions & Valuations Expands UK Operations By Acquiring Leading Valuation and Auction Firm -- FOSTER CITY, Calif. (May 22, 2002) - DoveBid, Inc., a leading provider of fully integrated asset management services, has announced the acquisition of Bache Treharne, a leading UK firm of chartered surveyors, valuers, and auctioneers. The acquisition of Bache Treharne adds one of the most experienced teams of plant and machinery appraisers and auctioneers in the United Kingdom to DoveBid’s rapidly expanding global operations. The combined entity will have approximately 500 employees and over 35 offices worldwide offering clients a single point of contact for global dispositions of capital assets, asset redeployment, valuations and consulting services. "The incredibly strong valuation and auction team at Bache Treharne makes the company a perfect fit for DoveBid,” said Andy Gronik, president and chief operating officer of DoveBid Valuation Services (DVS), DoveBid’s valuation and consulting subsidiary. “Strategically, Bache Treharne’s strength in the UK and reputation for high quality valuation and auction services provide DoveBid and DVS with expanded capabilities to serve our global clients from one of the most dynamic business and financial regions in the world. The acquisition also enhances our ability to continue serving our growing client base throughout the EEC with a complete offering of asset management services." DoveBid chairman and chief executive officer Ross Dove noted that the acquisition and further expansion into the UK fits DoveBid’s longstanding mission to become the global leader in valuation and auction services. “DoveBid has already built significant momentum in the UK and Europe by regularly conducting major valuations and multi-million dollar auctions. The combined strengths and capabilities of the two companies, working together as a team, have already been proven to create synergies that benefit our clients,” said Ross Dove. He cited a recent alliance between DoveBid and Bache Treharne in orchestrating a landmark live auction of Enron Europe Limited. The high-profile event drew participation of more than 12,000 registered bidders from 42 countries. "We are very enthusiastic about joining the DoveBid organization and playing a vital role in the growth of the company’s global operations,” said Peter Bache, former senior partner of Bache Treharne. “I am confident our clients will immediately benefit from DoveBid’s expanded service offerings and innovative Web technologies. DVS’s real-time access to global market data, proprietary data management network and industry contacts throughout the world bring efficiencies to our valuation process that will immediately benefit our clients. With this added expertise, we can offer our clients solutions that will distinguish DoveBid as a leader in the UK." Peter Bache now serves as Managing Director of DoveBid’s European Operations, responsible for valuation and auction services in the UK. DVS produces thousands of appraisals annually representing billions of dollars in asset value in more than 80 different industries. The company’s instant access to reliable market information enables clients to make timely, strategic decisions and contributes to the quality and accuracy of DVS’s valuation and consulting services. DVS evaluates machinery, real estate, and inventory, and conducts businesses valuations and appraisals of intangible assets, each capabilities that allow DVS to assist clients in matters ranging from insolvency right through to obtaining asset based financing. Companies also seek DVS appraisals for a wide variety of financial reporting and tax uses and to provide a basis for insurance coverage. As consultants, DVS assists clients with strategic planning, problem solving, crisis management, feasibility analysis and productivity enhancement. Major clients include many of the Global 4000, financial institutions like ABN AMRO, Bank of America, Citibank, Deutsche Bank, GE Capital and HSBC; accounting firms like Deloitte & Touche, Ernst & Young; KPMG and PricewaterhouseCoopers; major law firms; and government agencies. Bache Treharne, with offices in London, Birmingham, Leeds and Leicester, is a premier firm specializing in the valuation and disposal of all types of plant machinery and property for major accounting firms, financial institutions and leading corporate clients. This acquisition strengthens DoveBid’s presence in the UK and Europe, with Bache Treharne already acting for six of the top ten UK firms. About DoveBid® # # # DoveBid Corporate Contact: DoveBid UK Contact: |