Auction Management Solutions and Insurance Auto Auctions Announce Patent of Online Bidding Technology.WESTCHESTER, Ill. -- Auction Management Solutions, Inc. (AMS AMS - Andrew Message System ), a leading pioneer of technology for the auction industry, and Insurance Auto Auctions, Inc. (Nasdaq:IAAI IAAI International Association of Arson Investigators IAAI Innovative Applications of Artificial Intelligence (Conference) IAAI Israeli Association for Artificial Intelligence IAAI International Airport Authority of India ), a leading provider of automotive salvage salvage, in maritime law, the compensation that the owner must pay for having his vessel or cargo saved from peril, such as shipwreck, fire, or capture by an enemy. Salvage is awarded only when the party making the rescue was under no legal obligation to do so. and claims processing services in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , today announced that AMS has been granted a United States patent for its OnLine Ringman(SM) technology. This technology is used to power IAA's online bidding product, I-bid LIVE(SM), which allows buyers to join live auctions through any Internet-enabled computer and bid along with both live local bidders and other Internet bidders. "We are excited that the patent office has recognized our groundbreaking work in developing a product that assists our customers in revolutionizing the remarketing industry," said Nancy Rabenold, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of AMS. "In the same way we developed our OnLine Ringman(SM) technology, we are committed to pioneering breakthroughs that will further advance technology's role in today's auction environment. Due to its speed, ease-of-use and reliability, IAA's I-bid LIVE product is a perfect example of how the application of our technology can directly benefit customers in the auction market." In addition to its exceptional speed and ease-of-use, I-bid LIVE further extends the excitement of the auction by providing a live voice feed of the auctioneer AUCTIONEER, contracts, commerce. A person authorized by law to sell the goods of others at public sale. 2. He is the agent of both parties, the seller and the buyer. 2 Taunt. 38, 209 4 Greenl. R. 1; Chit. Contr. 208. 3. directly to IAA's Internet customers, allowing them to actually hear the bidding activity real-time and giving them a much better feel for the auction itself. During the first part of 2004, IAA IAA abbr. indoleacetic acid Noun 1. IAA - a plant hormone promoting elongation of stems and roots indoleacetic acid auxin - a plant hormone that promotes root formation and bud growth 2. and AMS successfully tested the product and then began aggressively rolling it out. IAA met its objective of rolling out I-bid LIVE to all of its targeted branches by the end of the year. "The patent granted to AMS further validates what we have been hearing from our customers - that our I-bid LIVE product, powered by AMS' OnLine Ringman(SM) technology, is extremely valuable and highly regarded within our industry," said Tom O'Brien Tom O’Brien or Thomas O’Brien may refer to:
About AMS Auction Management Solutions, Inc., founded in 1996, is the premier technology infrastructure provider to the asset disposition industry and is the sole owner and developer of the patented OnLine Ringman(SM) system. About Insurance Auto Auctions, Inc. Insurance Auto Auctions, Inc., founded in 1982, a leader in automotive total loss and specialty salvage services in the United States, provides insurance companies with cost-effective, turnkey See turnkey system. solutions to process and sell total-loss and recovered-theft vehicles. The Company currently has 78 sites across the United States. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This Report contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to certain risks, trends and uncertainties that could cause actual results to differ materially from those projected, expressed, or implied by such forward-looking statements. In some cases, you can identify forward looking statements by use of words such as "may, will, should, anticipates, believes, expects, plans, future, intends, could, estimate, predict, projects, targeting, potential or contingent," the negative of these terms or other similar expressions. The Company's actual results could differ materially from those discussed or implied herein. Factors that could cause or contribute to such differences include, but are not limited to, those discussed in the Company's annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 26, 2004 and subsequent quarterly reports. You should not place undue reliance on any forward-looking statements. Except as expressly required by the federal securities laws, the Company undertakes no obligation to publish, update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason. Additional information about Insurance Auto Auctions, Inc. is available on the World Wide Web at www.iaai.com |
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