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Press Release DOVEBID Realigns Organization And Positions For Future Growth FOSTER CITY, CA (September 29, 2005) - DoveBid, Inc., a global provider of capital asset auction and valuation services, announced today a new strategic plan designed to better focus the company on serving its global and domestic clients, improving operational efficiency, and pursuing additional growth initiatives. During the last several weeks the company’s management team including the newly appointed CEO, Brent Cohen, has undertaken a careful review of business operations and has developed an initial strategic plan designed to increase revenue, simplify structure, improve efficiency, reduce costs, and place a greater emphasis on serving the needs of its clients. The three key elements of the plan include realigning the organization around client needs, improving its operating and financial performance, and launching key initiatives to grow its global auction, valuation, and liquidation businesses. Realigning the Organization In order to better serve its clients, the company has reorganized its sales and marketing organizations based on client segments: multi-national clients, vertical exchange participants, private treaty, and individual event clients. Additionally, appraisal and valuation services will be marketed to all customer segments in addition to the traditional financial institution marketplace. This realignment will better structure the company to provide more focused and tailored services to each of its clients and will improve internal accountability and executive oversight through a simplified reporting structure, better metrics and more clearly defined objectives. Improving Operating and Financial Performance The company has conducted a comprehensive review of its operational areas and has identified a number of initiatives to increase efficiency and improve profitability. These efforts, in conjunction with the recently announced capital investment and our strong fourth quarter revenue forecast, will position the Company to better serve its Clients and to invest in growth opportunities. Launching Key Growth Initiatives The recently developed strategic plan recognizes the significant nature and unique requirements of the company’s multinational client base and leverages upon its ongoing wins of large multiyear agreements from Global 1000 clients. The realigned sales force will go to market with value added products and services to support the needs of these global corporations. The company will engage in selective hiring to increase its market presence and product expertise and to allow continued expansion of its global footprint. "I am excited to have initiated a new strategic plan for the company that leverages our core strengths and realigns our organization for growth through focused, differentiated and outstanding client support. We will continue to invest in and enhance our global account management team and expose our clients to all of our world class surplus asset management, disposition and appraisal services. The operational improvements that we have identified, and are in the process of implementing, will continue to improve our profitability and enhance our client’s experience." said Brent Cohen, DoveBid’s newly appointed CEO. For a complete list of our upcoming auctions, equipment asset catalogs, and brochures, please visit DoveBid’s Website at www.dovebid.com. About DoveBid® Headquartered in Foster City, California, USA, DoveBid has over 67 years of auction experience in the capital asset industry with more than 30 locations in 15 countries. More information on DoveBid can be found at www.dovebid.com or by contacting company headquarters at (800) 665-1042 or (650) 571-7400. DoveBid and the DoveBid logo are registered trademarks of DoveBid, Inc. # # # DoveBid Contact: |