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Sorcity.com Adds "Private" Reverse Auction to Save Buyers More Time

DALLAS -- June 26, 2000... Sorcity.com, a B2B reverse auction that connects buyers to a variety of products and services, announced today a new "private" buying solution that cuts days off the purchasing process.

"After surveying buyers all over the country, we realized more than half placed saving time above saving money," says Wes Guillemaud, founder and CEO of Sorcity.com. "Buyers are faced with increased responsibility on the job and are working 70-80 hour weeks just to keep their head above water. Everyone is looking to shorten the buying process, which is the beauty behind our private auction. We can literally cut days off the buying process."

-- Reverse Auction Versus Private Reverse Auction --

Sorcity's classic Reverse-Auction opens up a buyer's request for purchase to a large population of pre-qualified suppliers worldwide. There's virtually no limit to the number of suppliers able to bid for the business. This "open" approach increases competition, thus delivering the lowest possible price to the buyer. The buyer, however, may have to qualify the lowest-bidding suppliers, which then adds time at the end of the auction. The "Private" Reverse-Auction, on the other hand, allows the buyer to eliminate the qualifying time at the end by inviting only a short list of pre-selected, pre-qualified suppliers, with whom the company feels comfortable, to bid on the business.

-- What Others Buyers Are Saying --

Rob Overmyer, who buys for a large aerospace company, recently saved time and money when he used Sorcity's private reverse auction to purchase a space shuttle part. "Since it was such a specialized buy, I wanted our request to go to a very select group of suppliers," he said. "We expected to save time, but we were amazed to also save 66.6 percent off our sincerity price."

Sherry Rae Burke, A.P.P., C.P.M. became intrigued with Sorcity months ago and recently joined the company after spending the last 10 years in purchasing and inventory management in the telecom and manufacturing industries -- most recently with Ericsson.

"Sorcity's service is so powerful that I believe everyone in the purchasing industry should be using it," Burke said. "My relationships through NAPM keep me in touch with what buyers want and need in an e-Procurement solution. This, of course, helps Sorcity continually improve its service offerings, which in turn help buyers do their jobs much more efficiently."

Recognized in the 1999 NAPM Technology Guide, Sorcity.com is an all-inclusive Reverse-Auction service for the business-to-business market. It matches the complex needs of serious buyers to the capabilities of serious sellers quickly, consistently and electronically. Sorcity.com's overall mission is to reduce the time and cost between the buyer and seller within all business segments and all industries.