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e-Auction Announces Launch of EuroNet Trading Portals; Pan European Networks Targeted to Link Standalone European Systems Currently Trading $7 billion in Perishable Commodities
LONDON--(BUSINESS WIRE)--Aug. 19, 1999--e-Auction Global Trading Inc. ("e-Auction")(OTC BB:EAUC) today announced the launch of their 'EuroNet Trading Portal' initiative.
EuroNet Trading Portals will initially be offered to Schelfhout Computer Systemen's n.v. ("SCS") existing customers running standalone auction networks and systems throughout Europe, which currently conduct approximately $7 billion in trade. EuroNet Trading Portals will enable these auctions to link together and sell their goods to international buyers throughout Europe by being able to confirm payment and credit-worthiness.
Currently, auction networks are unable to link together due to the uncertainty of international financial settlement. By adding e-Auction's settlement services, these auctions can offer perishable commodities to a wider range of credit-worthy buyers and ensure that the growers are receiving fair market prices for their goods. EuroNet Trading Portals will provide proof of financial settlement along with foreign exchange services, and eventually expand to provide letters of credit and insurance.
"EuroNet Trading Portals can fundamentally change the European auction industry," commented Luc Schelfhout, President of Schelfhout Computer Systemen n.v., "The availability of networks which will provide full financial settlement for our member auction houses will allow them to reach more customers and help the growers receive fair market value for the goods."
EuroNet Trading Portals will link auctioners of perishable commodities together to create one large buying network for items such as fish, fruits & vegetables, flowers and livestock. e-Auction's pan-European networks will enable SCS's European customers to offer goods to more international buyers thereby increasing demand and market efficiency. After launching these networks in Europe, e-Auction will offer these services to SCS customers in countries such as into Argentina; Uruguay; Brazil; Australia; India, Morocco and China.
"The introduction of our EuroNet Trading Portal initiative is another step towards our goal of delivering the most innovative and responsive industry solutions to the European and International auction markets," commented David Hackett, Chief Financial Officer of e-Auction Global Trading Inc. "In linking these smaller international auctions, e-Auction will help growers and buyers create a more efficient market which should help both increase their profitability."
e-Auction Global Trading Inc.
e-Auction, through operations in New York, Toronto, London and Barbados, combines real time, electronic auction systems with integrated financial services including foreign exchange, hedging and financial settlement services. These are vital components to the overall auction process, and allow e-Auction to benefit from multiple revenue streams. e-Auction provides unprecedented value added services to auction houses, buyers and sellers in all industries that conduct commodity based trading, resulting in new markets, lower costs and more efficient cost saving transactions for all parties.
As a leader in providing B2B auction solutions, e-Auction is involved in the largest market segment of Internet auctions. According to Forrester Research Inc., it is estimated that by 2002 $52.6 billion in transactions will be conducted through B2B auctions. This value dwarfs the expected $7.5 billion business-to-consumer (B2C) market and the $4.8 billion person-to-person (P2P) market where companies such as eBay (NASDAQ:EBAY), Onsale (Nasdaq:ONSL) and Amazon.com (NASDAQ:AMZN) target their services.
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This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward- looking statements involve risk and uncertainties which may cause the actual results or objectives to be materially different from those expressed or implied by such forward-looking statements. Such factors include, among other things, the Company's financial performance; changes in the competitive environment; adverse changes in the economy; ability to maintain long-term relationships with customers; and financing requirements.
For more information on e-Auction please visit the web site at eauctioninc.com.
CONTACT: TPI Communications
Investor Relations, 888-461-9991
or
e-Auction Global Trading Inc.
Corporate Relations
David Hackett, 416/861-0016
dhackett@eauctioninc.com
or
Media Relations
Nancy Sicurella, 416/861-0016
nsicurella@eauctioninc.com
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