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DoveBid to Webcast Auction for Xerox, Surplus Assets from 11 Locations

Press release from the issuing company

FOSTER CITY, Calif.--Oct. 17, 2001--DoveBid, Inc., the leader in Webcast industrial auctions, valuation services, and other capital asset disposition services for the Global 4000, today announced it will conduct a multi-million dollar auction for Xerox Corporation on October 23-26, 2001 in Webster, New York and November 13, 2001 in Dundalk, Ireland. With over 15,000 items for sale, DoveBid anticipates the auction to be its largest Webcast auction to date. The five-day sale will include surplus assets from eleven Xerox locations worldwide, including Xerox's inkjet print head/ink tank development and manufacturing operations due to its decision to exit the Small Office/Home Office business. Assets to be sold at the Webster, NY auction include large quantities of wafer fabrication and semiconductor equipment, late model plastics equipment, test and measurement equipment, metalworking, and ink equipment. Some of the equipment is less than one-year-old. The Dundalk, Ireland auction will be a complete liquidation of Xerox's 17,500 square meter inkjet print head manufacturing facility. This two-phase sale will include both a liquidation sale currently in process, and a live Webcast auction to sell the remaining assets from the liquidation. The wafer processing equipment to be auctioned include photolithography, polishing, lamination, print head assembly and test machinery, ink tank assembly equipment, and clean rooms. "With over 15,000 items for sale from eleven locations worldwide, Xerox needed a global company that has proven experience in selling manufacturing and development assets,'' said Margaret Lau chief financial officer for Xerox's Ink Jet Business Unit. "DoveBid's innovative Webcast technology helps ensure that our offerings will attract a broad buying audience from around the world.'' The auction will first take place in Webster, New York on October 23-26, 2001 beginning at 9:30 a.m. (ET). DoveBid will host a two-day preview of the assets on October 19 and 22 from 9 a.m. - 4 p.m. (ET) in Webster and Canandaigua, New York. The Dundalk, Ireland auction on November 13 begins at 1 p.m. (GMT). Participants of both auctions may attend in-person or bid online at www.dovebid.com. Detailed preview information, asset catalog, and online bidding instructions for both auctions are available at http://www.dovebid.com.