GoIndustry

Press Release

FOSTER CITY, CA & DALLAS, TX (September 29, 2003) - DoveBid, Inc., a global provider of capital asset auction and valuation services, and Quadrem, the global eMarketplace for the natural resources industries, announced today they have entered into a strategic alliance to offer new services to Quadrem’s trading community members.

This strategic alliance will give Quadrem customers the ability to leverage turnkey asset disposition services (Webcast auctions, Internet featured online auctions, and traditional on-site auctions), global asset-based valuation services and asset redeployment software from DoveBid. In addition, Quadrem customers can access DoveBid Valuation Services (DVS) for timely, accurate valuations of individual items and complete facilities.

The companies also announced an auction agreement with Newmont Mining Corporation to dispose of mining and heavy construction equipment. The Webcast auction will be broadcast live over DoveBid’s website at www.dovebid.com and on-site in Carlin, NV on November 12, 2003.

"DoveBid and Quadrem have already established themselves as the global leaders in their respective industries," said Brian Armstrong, Manager, Newmont Mining Corporation. "The combination of the two companies working together to provide Newmont with a solution to liquidate surplus mining equipment through worldwide Webcast auctions will generate the maximum value for our equipment."

Many of the world’s leading resource companies and their supply partners have joined Quadrem and utilized its marketplace for transactions, strategic sourcing and eRFQ management tools. "Our customers requested that we offer asset disposition services with a Webcast component," said Ray Castelli, Quadrem Senior Vice President, Global Solutions and Services. "DoveBid’s comprehensive offering, track record and global reach made them a great fit."

This strategic alliance will enable DoveBid to leverage Quadrem’s years of experience in the natural resources and mining industries.

"Quadrem is a pioneer in offering global electronic supply chain solutions to the natural resources industry," said Ross Dove, chairman and chief executive officer of DoveBid. "This alliance allows leading global organizations like Newmont Mining Corporation to maximize the value of their used capital equipment by leveraging DoveBid's years of asset management and disposition services."

About DoveBid®
DoveBid, Inc. is a global provider of capital asset auction and valuation services to large corporations and financial institutions. DoveBid delivers an integrated set of services to its customers for the disposition, valuation and redeployment of their surplus capital assets. DoveBid offers an array of auction services to meet its customers’ specific needs, including live Webcast auctions, on-site-only auctions, featured online auctions and privately negotiated sales. DoveBid Managed Services offers clients a hosted, Internet-based application to monitor surplus assets inside the corporation. DoveBid Valuation Services uses its database of transaction information to provide valuations of capital assets for financial institutions and large businesses.

About Quadrem®
Quadrem (www.quadrem.com), the global transaction, content and sourcing solutions provider for the natural resources industry, brings trading partners together to streamline and automate supply-chain processes, delivering value for suppliers and buyers. Many of the world’s leading and forward-looking companies are leveraging the reach of the Internet, with services powered by Quadrem, to achieve the promise of e-commerce strategies.

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DoveBid Contacts:
Josh Prince
Director, Corporate Development
DoveBid, Inc.
(650) 377-2604
jprince@dovebid.com

Shanta A. Kohli
Marketing Communications Manager
DoveBid, Inc.
(650) 377-2650
skohli@dovebid.com