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LibertyOne Announces Upcoming Launch of uBid

LibertyOne has announced it will go live with its online business-to-consumer and business-to-business auction site by the middle of next week.

uBid, which is based on its counterpart in the US, will provide an online auction environment for established business vendors. CEO Warren Lee, said uBid would not be competing directly with the raft of consumer-to-consumer auction sites already in the market.

"uBid in Australia will allow consumers and businesses to bid for goods and services supplied by reputable vendors in the areas of computer equipment, consumer electronics, homewares and, ultimately, a range of other categories," Lee said.

Current vendors signed up with LibertyOne include IBM, Philips, JVC and Hewlett-Packard. Goods will start at A$9, with no reserve prices. LibertyOne believes the service will have significant broad market appeal as the uBid business model leverages the reputation of the vendor/seller and will help to overcome the traditional barriers to online commerce.

As part of the original agreement with US-based uBid, LibertyOne has the option to establish auction sites in nine other countries throughout the Asia Pacific region.

LibertyOne's move comes at the same time as New Ltd prepares to launch its Go Fish auction site this month.

In related news, LibertyOne has seen its shares take a dive over recent days with prices closing at AUS$1.63 yesterday, down some 25 cents from a fortnight ago.