To: Rob S. who wrote (25203 ) 11/9/1998 11:16:00 PM From: Glenn D. Rudolph Read Replies (1) | Respond to of 164684
ONSALE and SOFTBANK Launch Online Business-to-Business Auction Service in Japan; New Web Site Is Japan's First Internet Wholesale Auction Service TOKYO--(BUSINESS WIRE)--Nov. 9, 1998--ONSALE JAPAN K.K., a joint venture of ONSALE(R), Inc. (Nasdaq:ONSL) and SOFTBANK Corp. (TSE:9984) today announced the successful launch of SOFTBANK Internet Auction, an auction web site that targets the Japanese business-to-business markets. Over 5,000 products were featured in the first auction cycle, which closed on November 4. ONSALE is providing the technology, technical support and expertise related to the management and operation of online auctions, and SOFTBANK is providing management, personnel and its knowledge of the Japanese marketplace. The auction initially features PCs and PC-related products, including CPUs, peripherals and networking products. "We are pleased with the speed with which we brought this auction site to the market," said Jerry Kaplan, ONSALE's chief executive officer. "SOFTBANK has put together a great team for this project, and has demonstrated its ability to make joint ventures of this nature successful, including Yahoo Japan Corporation and GeoCities Japan Corporation, two of the highest traffic sites in Japan." ONSALE JAPAN K.K. anticipates launching an auction site accessible by consumers in the spring of 1999 featuring PC-related products, consumer electronics, sporting goods and more. About ONSALE ONSALE (Nasdaq:ONSL) is a leading electronic retailer pioneering an efficient and entertaining new distribution channel - the interactive online auction. The company specializes in selling value-oriented merchandise and services, including personal computers, consumer electronics, housewares, sports and fitness equipment, vacation and travel, and specialty foods over the Internet. ONSALE is located on the World Wide Web at www.onsale.com. ONSALE is a registered trademark and Auction Supersite is a trademark of ONSALE, Inc. All other companies and brand names mentioned are trademarks or registered trademarks of their respective holders. This press release contains forward looking statements regarding ONSALE which involve certain risks and uncertainties. Factors that could cause the company's results to differ materially from management's projections, estimates and expectations include, but are not limited to: uncertainties relating to the development of the Internet in Japan; acceptance of electronic commerce and particularly online auctions in Japan; the ability of the two partners to successfully adapt ONSALE's software and systems to the Japanese language and culture; the costs associated with startup of ONSALE Japan K.K., establishing its site on the Internet, and attracting an audience of customers; the availability of additional capital from the partners or other sources if required; the ability to secure merchandise suitable for auction in Japan; dependence on the Internet; uncertain acceptance of the ONSALE brand in Japan; and reliance on automated technology. These risks and uncertainties are in addition to risks and uncertainties described in more detail in ONSALE's 1997 Annual Report on Form 10-K under "Risk Factors." CONTACT: ONSALE, Inc. Stefanie Elkins, 650/470-2448 selkins@onsale.com or Brian K. Fawkes, 650/470-2713 bfawkes@onsale.com