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8/6/2008 - Proxibid Secures Funding from Tetrad Corporation
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Omaha, NE — August 4, 2008 — Proxibid, the world’s largest provider of live auction webcasting services, announced today that the Company has secured funding from Tetrad Corporation (Tetrad), a Wyoming Corp.
Omaha-based Proxibid and Tetrad have entered into a cooperative agreement allowing the Company access to capital and business advisement. This funding will enable Proxibid to expand its marketing and advertising efforts, while undertaking an aggressive development schedule for its new Web site. Additionally, Tetrad executives will join Proxibid’s board of directors.
Ken Moreano, director of the Scott Technology Center (STC), was instrumental in bringing both parties together in this agreement.
“Proxibid was one of the initial companies to graduate from the STC Incubator program,” said Ken Moreano. “The Company has grown exponentially over the last few years and its success since graduating is impressive. Furthermore, this investment demonstrates the complete vision that went into STC and the desire to help technology companies develop here in Omaha.”
When Proxibid launched its services in 2003 from STC, the Company had just five clients. Today, Proxibid provides live Internet bidding services to more than a thousand auctioneers around the world. When bidders participate on Proxibid, they are conducting business with a trusted “brick & mortar” auction company. Proxibid provides live audio and video streaming for auctions, enabling the bidder to see and hear the auction in real-time, which gives the bidders the feeling that they are at the live event.
“We believe that Proxibid’s technology and strategy is ahead of the industry curve and the Company will continue to positively impact the industry through constant improvements to its live Internet bidding application and new Web site.” said Vance Gardiner of Tetrad. “Tetrad’s investment in Proxibid will further enable the Company to maintain this competitive edge.”
Proxibid plans to accelerate development of the Company’s new Web site, which will take live auction webcasting to an even higher level, with features and functionality no other provider in the industry currently offers. With the accelerated development plan in place, Proxibid will be able to provide a more robust and feature-rich site to bidders and auctioneers.
“This investment is another significant milestone for Proxibid,” said CEO, Bruce Hoberman. “These resources will enable us to fast-track the development of our Web site, while allowing us to continue to offer our bidders and auctioneers the top-notch service they have grown to expect from our Company.”
About Proxibid
Since 2002, Proxibid has webcast more than 11,000 auctions – more than any other company in the industry. Proxibid’s proprietary live Internet bidding service and Web site were developed by auctioneers and industry-leading professionals to provide our bidders with the most user-friendly and comprehensive live online auction experience possible.
Proxibid’s customer service and support is unmatched in the industry. The company’s toll-free support center is open before, during and after every live auction, and is staffed with bi-lingual auction specialists who assist both bidders and auctioneers. For more information about Proxibid, please visit us online at www.proxibid.com.
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