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InterAuct!
Preferred Ones SINGAPORE - NOVEMBER 4, 1999 - With the launch of Asia's first online auction loyalty program today - the InterAuct! Preferred Ones - the auction market space takes a giant step forward by offering members improved user experiences and sophisticated trading tools. Pioneered by InterAuct! Pte Ltd, Singapore's first person-to-person online auction, members of the InterAuct! loyalty program will be rewarded with points for all transactions done through the InterAuct! website. These loyalty points will be used for the redemption of items available exclusively to the InterAuct! Preferred Ones. Registered Preferred Ones will also have a host of auction utilities unavailable to ordinary registered members, which will boost their abilities to trade on the InterAuct! website. "InterAuct! was founded to provide a platform where we can create and foster a fun and friendly community of users who buy and sell their items, auction style," said Luke Toh, Chairman and CIO of InterAuct! "With this in mind, the program hopes to revolutionise the future of online auctioning. We believe that all stakeholders play a key part in our company's success and we intend to expand on the privileges available to our InterAuct! Preferred Ones." All registered users may qualify as an InterAuct! Preferred One by signing up online through the website (http://www.interauct.com.sg/register/form.shtml). Once approved, Preferred Ones will be able to start accumulating transactional points from December 1, 1999 by buying and/or selling items on the InterAuct! website, or by introducing new Preferred Users. In addition, InterAuct! will be awarding bonus loyalty points to all current registered users who have made previous transactions through the site, and who have properly completed the application before December 1, 1999. New users and members who have not made any transactions may also sign up as InterAuct! Preferred Ones; however, they will only be entitled to the bonus points if they make a transaction before December 1, 1999. "InterAuct! has always been about using proprietary technology to move and excite all aspects of the auction process," said Alex Loo, CEO, InterAuct! "With this launch, I am confident that we would be able to enhance the online experience of our users and significantly drive traffic to our site. As the only auction site to offer such services, possibly even on a global level, we will continue to implement innovative programs that will influence the auction market, and will move aggressively to reinforce our leadership position in this space." InterAuct! is currently working closely with its financiers and legal advisors towards an initial public offering. The company is also evaluating options to include all stakeholders in its future success. "InterAuct! has always made its users their highest priority," said Nicholas Malcomson, the business angel behind the company. "By sustaining an enlightened community of users, this program will allow InterAuct! to pass on value to its Preferred Ones, and serves to enable these users to participate in that community's success." |