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Title SurplusGLOBAL, Inc. records 490 Auction Items Valued at 60 Million US Dollars posted on- site
Source www.itnews.com Date
SurplusGLOBAL, Inc. records 490 Auction Items Valued at 60 Million US Dollars posted on- site

www.itnews.com July 18, 2000


SurplusGLOBAL, Inc (URL: www.surplusglobal.com, CEO: Bruce Jungwoong Kim), the company that provides auction system service on the e-marketplace for idle, used and surplus assets today announced that 490 items worth 60 million US dollars have already been posted on-site since its launch last 28-JUN-2000.

With the company being in service for just a month, there are already over 1000 possible customers from 50 countries who have visited the site to peruse the available items for auction.

Three posted items were already successfully bidded. The first items are used monitors valued at 17,000 US dollars awarded to a company in Bangladesh. Capacitors worth 54,000 US dollars were sold to a US company while mink blankets valued at 200,000 US dollars were auctioned off to a group in Lebanon.

A majority of posted items include machinery tools, heavy construction equipment, computer parts and supplies, clothing and electronic equipment. Some rare finds such as a 1940?s Ford, Russian red fox furs and large locomotives have attracted considerable attention among buyers.

SurplusGLOBAL, Inc. stated that the company compiled the list of 50,000 possible buyers from all over the world so that the company can directly notify them about the posted items through its auto e-mailing system. Immediately after buyers receive the notice, they can confirm the specifications of available items for bidding on the company?s website, and participate in the bid. This fast and efficient system has enabled SurplusGLOBAL to achieve a breakthrough progress in this kind of business.

The company is currently developing its inspection service through an alliance with SGS and Bureau Veritas, both world-renowned inspection organizations. The company also has established plans to link up the service with InfoAlliance, Universal Freight System aand 20 major mass media agencies and public opinion leaders including Korea Trade News.

InfoAlliance is an association of twenty-five agencies dealing with worldwide evaluation of confidence. Universal Freight System, on the other hand is a huge association of transportation agents in Asia.

SurplusGLOBAL has already entered into agreements with GlobalPartnership, an English worldwide trading site and Celinco, the leading business group in Sri Lanka. Under the terms of the agreements, SurplusGLOBAL will have strategic exchange of stocks and sharing of contents with two companies.

Before SurplusGLOBAL offered its services, the transaction processes for used, idle and surplus assets in Asia were very inefficient and lagging behind its Western counterparts. Because of the complexity of the distribution structure, the margin in circulation is very high. Furthermore, the market structure creates difficulty for both the seller and the buyer who both experience the dilemma of finding a suitable and most cost-effective match for their businesses. This old system has failed to maximize the very promising industry in Asia and the Pacific Area, which is estimated to be at more than 400 trillion won in 2000.

The SurplusGLOBAL system aims to improve this market structure. The company?s goal is to build a global Internet B2B auction e-marketplace that eliminates these restricting parameters, as well as the partition of the market by areas and regions that limits exposure of posted items. With these strategies in place, SurplusGLOBAL is slowly marking its way in becoming a leading company in the economy of Asia.

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