Return Services Company Announces Joint Marketing Agreement with Provider of Excess Inventory Solutions
WOBURN, Mass. and ASHBURN, Va.--Oct. 29, 2001--FairMarket(sm), Inc. (Nasdaq: FAIM), an excess inventory solutions provider for businesses, and ReturnBuy, Inc., the innovation leader in returns services, today announced a strategic agreement to provide manufacturers and retailers an integrated, full-service solution to efficiently sell excess inventory and returned products. Under the agreement, FairMarket and ReturnBuy will market one another`s services.
The combination of ReturnBuy and FairMarket`s services provides manufacturers and retailers with an effective method for recovering costs on returned and excess inventory. Using FairMarket`s MarketSelect(sm) service, merchants can sell on eBay (Nasdaq: EBAY) or through their own FairMarket-hosted private label site. FairMarket will rely on ReturnBuy`s advanced software, facilities and network of partnerships to deliver the complete infrastructure for returned merchandise management.
"ReturnBuy has always focused on building relationships with sophisticated companies to bring to market the most comprehensive returns management solution available," said Walt Shill, president and chief executive officer of ReturnBuy. "We are very excited to work with a quality company like FairMarket."
"With this agreement, we offer merchants a one stop solution for unsold, off-lease and returned goods," said Nanda Krish, interim chief executive officer of FairMarket. "This combined offering is designed to enable businesses to boost margins on the sale of excess and returned goods and we look forward to mutual success in working with ReturnBuy."
About FairMarket
FairMarket provides technology and services that help businesses harness online efficiencies to speed the rate of sales and maximize price margins on excess inventory. FairMarket`s customers include Dell, CompUSA, SAM`S CLUB and Zales. Headquartered in Woburn, Mass., FairMarket also has offices in the U.K. The company can be reached at 800-531-7871 or on the Web at www.fairmarket.com.
About ReturnBuy
ReturnBuy, Inc. utilizes web-based technology solutions incorporated into proven logistics platforms to optimize both the processing and resale of returned and excess inventory. ReturnBuy returns more revenue to clients by moving static inventory through complementary channels. The company completed two rounds of funding from several prominent investors including ePlanet Ventures, Draper Atlantic, eBay and a team of leading technology investors that previously funded Intel, Apple and Hotmail. Currently, ReturnBuy serves over 15 clients, including leading retailers, distributors and manufacturers. ReturnBuy is headquartered in Ashburn, Virginia, and operates nationally through its 250,000 sq. foot facility in South Carolina. For more information visit www.ReturnBuy.com/business.
FairMarket, MarketSelect and the FairMarket logo are service marks of FairMarket, Inc. The names of actual companies and products mentioned herein may be the trademarks of their respective owners.
This press release contains information about future expectations, plans and prospects of FairMarket, Inc. that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those indicated by these forward-looking statements as a result of various important factors including but not limited to market acceptance of FairMarket`s online auction and other e-commerce services; growth of the market for dynamic e-commerce services; the competitive nature of the online markets in which FairMarket operates; FairMarket`s ability to generate significant revenue to reach profitability; FairMarket`s ability to attract and retain qualified personnel; FairMarket`s ability to retain existing customers and to obtain new customers; the operation and capacity of FairMarket`s network system infrastructure; FairMarket`s ability to expand into new geographic markets and the currency, regulatory and other risks associated with expansion into international markets; FairMarket`s limited operating history; and the other risks and uncertainties discussed under the heading "Factors that May Affect Results of Operations and Financial Condition" in FairMarket`s Annual Report on Form 10-K for the year ended December 31, 2000 and other reports filed by FairMarket from time to time with the Securities and Exchange Commission. FairMarket assumes no obligation to update any of the information included in this press release.
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CONTACT:
FairMarket, Inc.
Mark Sutton
Mark@fairmarket.com
781-376-5839
or
Sterling Hager, Inc.
Kelly Cahill
kelly@sterlinghager.com
617-926-6665, ext. 223
or
ReturnBuy, Inc.
Kristi Snapp
ksnapp@returnbuy.com
703-723-6025
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