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Pastimes : The OTCBB Garbage Dump -- Ignore unavailable to you. Want to Upgrade?

To: Craig K who wrote (1386)	8/26/1999 12:20:00 PM
From: Wayne Rumball	Read Replies (1) \| Respond to of 2942

buying EAUC, news looks big; LONDON, Aug 26, 1999 (BUSINESS WIRE) -- e-Auction Global Trading Inc. ("e-Auction"), (OTC BB:EAUC) today announced the introduction of their 'EuroNet Flower Portal' to Schelfhout Computer Systemen N.V.'s ('SCS') existing auction clients within the European Economic Community (EEC). By confirming credit-worthiness and executing payment, these 11 standalone SCS systems -- currently conducting US $2.48 billion in annual trade -- can be linked through EuroNet to create Europe's first pan-European flower market. The first $250 million of annual trade volume will be launched on the EuroNet Flower Portal in the fourth calendar quarter of 1999, with the rest of the network being scaled up in the first six months of 2000. e-Auction will be able to reduce the annual financial services costs on the first $250 million of international trade from over $20 million (approx. 8%) currently charged by banks to between $7.5 and $12.5 million. For the 11 initial customers on the network ($2.48 billion annual trade), lowering settlement costs to 1-2% and foreign exchange to 2-3% of trade will reduce buyers' annual cost of financial services from approximately $200 million to between $75 and $125 million charged by e-Auction. "The EuroNet Flower Portal will allow SCS's customers to dramatically reduce the costs involved with financial settlement and foreign exchange," commented David Hackett, Chief Financial Officer of e-Auction Global Trading Inc.. "By linking these international auctions and providing settlement and foreign exchange services, e-Auction will help growers and buyers create a more efficient market that is easy for growers and buyers to use." Currently, standalone auction houses perform credit checks and receive letters of credit for each buyer. The buyer, in turn, must repeat the process with each auction house they deal with. e-Auction has eliminated these redundancies by implementing a centralized financial settlement solution. This solution makes it possible for a remote buyer to participate in the auctions in their own currency, while the auction house and producers are paid in theirlocalcurrency. Auction houses running SCS's standalone systems will be able to access the basic EuroNet services free of charge by interfacing their auction clock system with EuroNet. Even though a small upgrading fee may be required to upgrade older systems, these costs can be financed through various government assistance programs and are not expected to be significant. Once networks have been established with SCS's existing customers, and a critical mass exists, e-Auction plans to extend the EuroNet's capabilities to the remaining flower auctions in Europe and other globally oriented market players in North and South America and the Pacific Rim. e-Auction Global Trading Inc. e-Auction 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 allparties. 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. For more information on e-Auction please visit the web site at eauctioninc.com. All trademarks, tradenames, registered trademarks, or registered tradenames are property of their respective holders. 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 financingrequirements. Copyright (C) 1999 Business Wire. All rights reserved. -0- 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 e-Auction Global Trading Inc. Media Relations Nancy Sicurella, 416/861-0016 nsicurella@eauctioninc.com