6/14/04

UBID LICENSES MERCEXCHANGE PATENTS FOR AUCTION-STYLE LISTINGS

Kurt Peters , Executive Editor

Partnership to give largest online sellers "a viable alternative to eBay monopoly"

CHICAGO, IL (June 14, 2004) – UBid, a leading brand name auction marketplace that offers consumers and businesses leading manufacturer`s merchandise below wholesale prices, and MercExchange, LLC, holder of several important U.S. patents on Internet-based auction and market processes, today announced an agreement that provides UBid with a license to MercExchange’s key patents for Internet-based auctions.

“This is an important step in the continuing development of uBid as a leading online auction marketplace,” said Robert Tomlinson, Jr., president of UBid. “Supported by the MercExchange patents, we are creating additional reasons for the growing uBid customer base to confidently use our proven platform. uBid continues to invest in areas of importance to our users.”

UBid’s new uBid Certified Merchants Program (UCM) provides an exciting selling solution for small to medium size businesses to expand their marketplace. UCM is a cost-effective, turnkey solution for businesses wanting to sell products in a dynamic environment where the marketplace sets the price in an uncluttered seller’s environment.

“We are happy to welcome UBid as a licensee of the MercExchange patents,” said Thomas Woolston, president of MercExchange and inventor of its patented technologies. “UBid’s business model has a tremendous opportunity to grow as we work together to give customers a viable alternative to the eBay monopoly -- especially the largest volume online sellers.” No additional details of the licensing arrangement were released.

About uBid.com and Petters
uBid is a leading brand name auction marketplace that offers consumers and businesses leading manufacturer`s merchandise below wholesale prices. Founded in 1997, uBid has swiftly emerged as a major force in the e-commerce world. Today, as a member of Petters Group, uBid specializes in providing customers with savings on items from leading brands. In addition to uBid`s own product listings, uBid features uBid Certified Merchants listings in which consumers will find items listed by uBid-approved businesses. With more that 4 million registered users, uBid is committed to providing its valued customers with the highest quality experience on the Internet and offers manufacturer warranties on most products. For more information, visit www.ubid.com.

Petters Group Worldwide is a dynamic collection of companies that create, develop and invest in companies that manufacture, procure and market consumer merchandise. The group of companies includes both retail and wholesale companies. For more information visit www.pettersgroup.com.

About MercExchange
MercExchange, LLC was founded in 1995 to improve businesses through the application of new digital technologies, especially in networked environments. MercExchange has been awarded several key patents involving the conduct of Internet-based auctions and markets. The inventions and supporting intellectual property cover a range of applications; for additional information visit www.MercExchange.com.

CONTACT:
MICHAEL CAPUTO
786-385-6644
caputo@caputopr.com

Topics:

Auction, MercExchange, Online auction business model, Online shopping, UBid

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