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Tuesday July 21, 7:01 am Eastern Time
Company Press Release
ONSALE Adds Industrial Online Auction Supersite With VerticalNet Partnership
ONSALE To Launch Business-to-Business Auctions for VerticalNet's Industrial Trade Communities
MENLO PARK, Calif.--(BUSINESS WIRE)--July 21, 1998--ONSALE(R) Inc. (NASDAQ:ONSL - news), a leading electronic retailer in interactive online auctions for businesses and consumers, today announced a partnership with VerticalNet, the Internet's leading creator and operator of ''vertical trade'' communities, to provide online auctions for vendors, manufacturers and businesses that buy and sell industrial products.
ONSALE plans to launch an Industrial Auction SuperSite featuring vertical trading communities in the third quarter of 1998. The industrial auction service will be accessible through each of VerticalNet's 20 industrial channels, located on VerticalNet's web site (www.verticalnet.com), and through ONSALE's web site (www.onsale.com).
VerticalNet specializes in building communities of customers, vendors and experts in specific industries, and provides a unique combination of trade services, including content, community and commerce, according to Mark Walsh, VerticalNet's CEO. VerticalNet currently operates 20 web site communities in the environmental, utility, process, and electronics and service industries.
''The immense potential of business-to-business Internet auctions creates a substantial opportunity,'' said Jerry Kaplan, ONSALE's president and CEO. According to a recent report by Forrester Research, Internet business auctions will grow to an expected $52.6 billion by 2002.
''We are very pleased to be partnering with the leader in online vertical trade communities,'' added Kaplan. ''Our partnership with VerticalNet will provide us with excellent exposure to buyers and sellers in a wide variety of specialized industries. VerticalNet provides a very focused environment for businesses and vendors to communicate and engage in commerce.''
''Online auctions provide a wonderful and exciting forum for our audiences to buy and sell excess capacity or excess goods that previously would have been discarded,'' said Walsh. ''ONSALE is the leader in its field, and we chose them as our partner because of their well-respected brand and the sophistication of their auction management system.''
About VerticalNet
VerticalNet Inc., founded in August, 1995, as Water Online, is the Internet's premier developer of business-to-business communities.
The company operates 20 vertical channels including Chemical Online, Food Online, Pharmaceutical Online, Hydrocarbon Online, Semiconductor Online, Water Online, Pollution Online, Power Online, Solid Waste Online, Public Works Online, Medical Design Online, Wireless Design Online, Computer OEM Online, Photonics Online, and Property and Casualty Online.
Based in Horsham, Pa., VerticalNet currently employs 99 people and operates offices in Los Angeles, Chicago, New York, Parsippany, N.J., Phoenix, San Francisco, Washington, D.C., and Horsham, Pa.
About ONSALE
ONSALE (NASDAQ:ONSL - news) is a leading electronic retailer pioneering an efficient and entertaining new distribution channel -- the interactive online auction. The company specializes in selling excess merchandise and services -- such as personal computers, consumer electronics, housewares, sports and fitness equipment, vacation and travel packages, and specialty foods over the Internet.
ONSALE is located on the World Wide Web at www.onsale.com.
Note to Editors: ONSALE is a registered trademark of ONSALE Inc. All other companies and brand names mentioned are trademarks or registered trademarks of their respective holders.
The statements in this press release relating to matters that are not historical are forward-looking statements that involve risks and uncertainties that could cause actual results to differ materially from those anticipated, including but not limited to, rapid technological changes in the industry, increased competition, and timely introduction and customer acceptance of the company's products. These risks and uncertainties are described in reports and other documents filed by ONSALE with the Securities and Exchange Commission.
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Contact:
ONSALE, Inc.
Stefanie Elkins, 650/470-2448
selkins@onsale.com
Brian K. Fawkes, 650/470-2713
bfawkes@onsale.com
or
Peppercom
Scott Eisenstein, 212/681-1333
reachse@peppercom.com
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More Quotes and News: ONSALE Inc (Nasdaq:ONSL - news)
Related News Categories: computers, internet, retail
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