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Press Release DOVEBID® TAPS INDUSTRY VETERAN Texas Pacific Group and Softbank Capital Partners Agree to Provide Additional Capital FOSTER CITY, CA (August 22, 2005) - DoveBid, Inc., a leading global provider of capital asset auction, valuation and managed services, today announced the appointment of Brent Cohen as Chief Executive Officer and Director. Mr. Cohen is a seasoned executive with over 25 years of varied global experience in key roles including Chairman and Chief Executive Officer, President, Chief Operating Officer, and Chief Financial Officer for public and private companies. Brent held the positions of Chief Financial Officer, Chief Operating Officer, and President of Packard Bell NEC over his tenure at the company, where he managed all global operations and grew revenue to $4 billion worldwide. More recently, Mr. Cohen was President and Chief Operating Officer of First Advantage Corporation (NASDAQ NM: FADV) and Chairman and Chief Executive Officer of US Search.com, Inc. (NASDAQ NM: SRCH), where he turned around a high profile internet company by refining the company’s strategy and business model to reduce costs, improve the customer experience, grow revenue and operating profit; raised additional capital; and merged to form a new public company, First Advantage Corporation with an initial market cap of $500 million. Ross Dove, Executive Chairman, DoveBid, Inc., announced “Brent brings us to a new level of operational sophistication and will spearhead the continued growth of our platforms worldwide. Brent’s arrival will allow me to continue to focus on growing the company’s customer relationships”. “As a former client of DoveBid, I am very familiar with the company’s ability to deliver a comprehensive set of auction, valuation, and asset management services to global companies. DoveBid has always had a strong brand name to leverage in the marketplace, and I am pleased to join the company to lead the next phase of our global growth. My focus is to build the infrastructure to allow us to gain operating leverage as we grow the business in key vertical markets both across the US and internationally.”, stated Brent Cohen, DoveBid’s Chief Executive Officer. Concurrent with Brent’s appointment to DoveBid, the existing investors Softbank Capital Partners and Texas Pacific Group, have provided additional capital for growth initiatives. Ron Fisher, Managing Partner of SOFTBANK Capital Partners and Vice-Chairman of SOFTBANK Holdings Inc. has also been appointed to the Board of Directors. About DoveBid® # # # DoveBid Contact: |