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MyWeb Inc.com Acquires Asian Auction Site

MyWeb Inc.com said it has acquired a majority interest in one of Asia's pioneer online auction companies, Singapore-based Easy2bid Pte Ltd. Financial terms were not disclosed.

As a result of the deal, Easy2bid will gain access to MyWeb's payment and collection infrastructure. This will make purchasing all types of products and services via online auctions in China safer by eliminating most fraud, the company said.

MyWeb facilitates Internet usage through television set-top boxes. MyWeb operates a TV portal in China and says it is the country's eighth most visited Web site and China's fastest growing Web portal overall.

Easy2bid allows online buyers to bid for thousands of products in categories such as antiques; books, movies and music; cameras and electronics; cars, vehicles, parts; and coins and stamps; among others. MyWeb said it will translate Easy2bid.com into Chinese to be accessed in China.

"With our growing e-commerce expertise in Asia and particularly in China, Easy2bid becomes a natural extension of our business," said Danny Toe, president and chief operating officer of MyWeb Inc.com.

"Since payment and collection serve as the major obstacles to the growth of e-commerce in China, we believe our experience and solutions to these problems are a natural fit for bringing Easy2bid into China."

MyWeb's e-commerce capability includes delivery and cash on delivery services. Last November, MyWeb announced an e-commerce alliance with the Beijing YinJian Company, one of China's largest taxi operators, to provide delivery services for MyWeb's e-commerce service.

MyWeb is headquartered in San Francisco, with operational and representative offices in Singapore, Malaysia and China. T.S. Wong, the company's CEO, maintains his principal office in Kuala Lumpur.