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Sorcity.com Launches First Broad-Based, Business-to-Business Reverse-Auction Web Site Saving Buyer (and Seller) Time, Money

DALLAS -- September 8, 1999... Auction Web sites have proven to be fast, efficient vehicles to buy and sell product. But the latest breakthrough in procurement is the reverse-auction, and Sorcity.com is launching the first broad-based, business-to-business reverse-auction Web site allowing a buyer to request and receive bids on almost any product, service or commodity imaginable -- anything from a computer network to raw steel.

While auction sites such as eBay and Onsale focus on the seller, Sorcity.com gives the buyer an advantage that also works in the interest of suppliers. How it works is simple. Buyers post a detailed request for purchase on Sorcity.com's Web site, then a large population of pre-qualified suppliers for that particular item are immediately notified and have the option to bid for the business. At the end of the bidding period, the buyer receives the lowest bid and Sorcity.com exits the process. Currently there are well over 640,000 sellers that are already a part of the Sorcity.com system.

Wes Guillemaud, founder and CEO of Sorcity.com, says the reverse-auction will revolutionize the way corporate purchasing is handled. "The old way is too expensive and too time consuming - it no longer makes sense. With the reverse-auction, buyers get faster access to more quotes, resulting in a lower price without all the hassle of traditional sourcing. The sellers, on the other hand, are able to increase sales and lead generation without the time and expense to find and market to new customers," he says.

The Sorcity.com management team has received positive feedback and support from major retailers, e-business experts and several Fortune 500 companies. Graham Collins, director of PricewaterhouseCoopers, Supply Management Practice, says even the most successful companies have to keep pushing the envelope. "No company can ignore the additional marketing channels e-procurement and reverse-auctions bring," he said. "It's a new game now with new rules. The opportunity is learning how to use these rules to our advantage."

"So ultimately, what Sorcity.com gives is peace of mind," says Guillemaud. "Our buyers walk away knowing they've gotten the best value available in the market."

As an Internet hosted, business-to-business reverse-auction service, Sorcity.com is a powerful business tool that matches the complex needs of serious buyers to the capabilities of serious sellers quickly, consistently and electronically. The purpose of the service is to improve supply chain efficiency between the buyer and seller within all business segments and all industries.