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Press Release BUSINESS-TO-BUSINESS AUCTIONEER DOVEBID TAPS RAVID AS NEW CHIEF FINANCIAL OFFICER --Private Equity Buyout Veteran to Spearhead Financial Growth as On-Site B2B Auction House Expands On-Line -- Foster City, CA (October 28, 1999) — DoveBid, Inc., formerly Dove Brothers, one of the world’s leading business-to-business (B2B) auctioneers and capital asset sale advisors, today announced the appointment of Cory Ravid to the post of Chief Financial Officer. A seasoned financial executive, Ravid brings a wealth of operating, accounting, mergers/acquisitions, and legal experience to his position at DoveBid. At DoveBid, Ravid will be responsible for providing financial direction for the 62-year-old privately held company as it transitions its established on-site auction business into the leading on-line and on-site auction business. Beginning November 1, 1999, customers around the world will be able to acquire, or sell, thousands of capital assets by participating in DoveBid’s on-site auctions, or by handling the desired transactions over the Web. "DoveBid’s expansion on-line is linked to its acquisition of skilled and talented executive management," said chairman and CEO Ross Dove. "As we transform DoveBid into the first truly integrated on-line and on-site auction house, it is vital that additions to the management team help strike the right balance of financial and operations expertise. With Cory’s background in managing and structuring high-growth companies, he fits this ticket perfectly." The appointment of Mr. Ravid comes on the heels of the completion of a $12 million second round of venture funding, announced October 19th. Mayfield Fund, which led the round, was joined by repeat investor Fremont Ventures, bringing total private investment in DoveBid in 1999 to $16 million. Said Ravid, "The opportunity to join DoveBid at this critical point in its expansion was something I just couldn’t pass up. It’s unbelievably exciting to participate in the transformation of such a prestigious, established brick-and-mortar company into an equally successful "virtual exchange" on the Web. DoveBid is clearly positioned for dramatic growth in the B2B e-commerce space, as it has all the ingredients necessary to be the industry’s leading on-line B2B auctioneer, as well as maintaining its position as the leading on-site B2B auctioneer." Cory Ravid has a notably diverse background in business, including high-level positions in finance and operations, investment banking and law. He has served as Chief Financial Officer (CFO) of two global, branded companies: MacGregor Golf Co. and DuPont Flooring Systems. Most recently, Ravid was CFO and Partner at The Parkside Group, a private equity investment firm based in San Francisco. While at Parkside, he led the leveraged buyout of MacGregor Golf and assumed the role of CFO for its turnaround and restructuring. Previously, at DuPont, Ravid was CFO and general counsel as the company’s revenue grew from $45 million to $300 million. Earlier in his career, he was a senior auditor for KPMG Peat Marwick. Ravid earned his juris doctorate from the University of San Francisco School of Law and holds a bachelor’s degree in accounting from Arizona State University. About DoveBid, Inc.
Lisa Hawes
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