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Press Release
i-Escrow Penetrates Business-to-Business Web Auctions
Escrow provider partners with capital asset auctioneer DoveBid.com
REDWOOD SHORES, Calif. and FOSTER CITY, Calif. – Nov. 1, 1999 – After establishing itself in person-to-person online auctions, i-Escrow® Inc. (www.iescrow.com) has announced its first major partnership to integrate its escrow services into a business-to-business auction site. i-Escrow has signed an exclusive agreement to provide its services for DoveBid.com, an online capital asset exchange launched today by DoveBid Inc., the leader in on-site capital asset disposition services.
i-Escrow will raise its transaction value limit from $25,000 to $1 million to accommodate the high-ticket sales DoveBid.com will attract.
As in consumer-to-consumer auctions, i-Escrow will serve as the trusted intermediary in DoveBid.com auctions -- verifying buyer funds, holding those funds in trust and releasing them to the seller after the buyer confirms receipt and approval of the assets within an agreed-upon inspection period. In the event a return is necessary, i-Escrow refunds the buyer after the seller receives and approves the returned equipment within the same inspection period.
"i-Escrow will have strong appeal for our customers who have asked for an online version of our on-site business-to-business auctions that maximizes the efficiencies of the Internet without compromising trust," said Ross Dove, chairman and CEO of DoveBid.
i-Escrow will streamline DoveBid.com’s collection procedures by holding the auction fees before releasing proceeds to sellers in transactions involving escrow.
"Our capacity for high-dollar transactions and the innovative application of our service as a payment guarantor for DoveBid add new depth to our capabilities that will resonate with other business-to-business sites," said Sherman Kwok, president and CEO of i-Escrow.
About i-Escrow Inc.
i-Escrow Inc., the largest provider of online escrow services, enables safe and convenient Internet transactions by protecting both buyers and sellers as they exchange goods for payment. Partners include proven and emerging brands in business-to-business, business-to-consumer and consumer-to-consumer e-commerce. Users include corporate buyers and sellers, unbranded retailers, active hobbyists, avid collectors and casual shoppers who frequent auctions, classifieds, storefronts and newsgroups on the Internet.
About DoveBid Inc.
DoveBid Inc. is the industry’s most knowledgeable and experienced business-to-business auctioneer in both on-site and on-line capital asset disposition services. The company is the successor to Dove Brothers, LLC, one of the world’s leading auctioneers and capital asset sale advisors. Through open outcry (on-site) auctions, Internet auctions, sealed bids, private treaty sales and custom-structured transactions, DoveBid’s experienced auction professionals have successfully sold more than $5 billion in assets —from textiles to telecommunications— since the company’s inception in 1937. DoveBid has conducted more than 3,000 auctions worldwide and has sold more than 10 million individual lots on behalf of government agencies, financial institutions and corporations, including more than half of the Fortune 500. The company is expanding its business on-line with DoveBid.com, a business-to-business auction web site for buying and selling capital equipment and surplus assets, bringing together the largest possible number of buyers and sellers from around the world. For more information, visit DoveBid’s web site at http://www.dovebid.com or call company headquarters in Foster City, Calif. at (650) 571-7400.
Contacts:
Steven Pollock
Vice President, Marketing
DoveBid, Inc.
(650) 571-7400 x636
spollock@dovebid.com
Johnny Wong
i-Escrow Inc.
650-598-3828
jwong@iescrow.com
Lisa Hawes
Sr. Account Executive
Sterling Communications
(408) 441-4100
lhawes@sterlingpr.com
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