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Leftbid Corp. is the U.S. leader in a new segment of the global auction business -- the Internet Auction Service Provider (IASP) market. Leftbid specializes in providing live Internet broadcasts of auctions for fine arts, antiques, collectibles, motor vehicles and industrial equipment by providing the "brick and mortar" auction community with the tools that allow them to broadcast their auctions in real-time via the Internet. In the past year, Leftbid has broadcast approximately 250 live auctions on the Internet. Many of the company's original sales were held in Europe and other parts of the world. In the fourth quarter of 2000, Leftbid elected to concentrate its focus on the U.S. market. Leftbid complements existing auction houses' onsite bidding audience by allowing the auction houses' non-attending customers to participate in their sales, as well as, with a connected global community of qualified and competitive Internet bidders. In its most successful auctions, Leftbid generated approximately 20% to 30% of the total auction sales and had numerous absentee bids and pre-bidding occur before the live sale even began. In conjunction with its auction initiative, Leftbid has invented new business processes that allow for a seamless and efficient blending of the traditional auction market with the new Internet community. This set of processes named "LiveNet Auction Process" by Leftbid is core intellectual property only gained by significant experience in the field and cannot be easily replicated by a straight technology solution.