ComAuction Selects New Financial Institution.DOWAGIAC, Mich.--(BUSINESS WIRE)--Nov. 18, 1999-- ComAuction, Inc. Selects Bank One as its new financial institution. "This change to the fourth largest bank replaces Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. as our demand deposit account holder and allows ComAuction to work directly with Bank One. We wish to thank Merrill Lynch for the fine support provided early in our launch, but in part for competitive reasons the time was right for a change," stated Fred Polmanteer, iCEO of ComAuction. "Our patent application for the integration of a money managed process for the buyer and seller will not be affected, as Merrill Lynch was not part of the patent application," stated Keith Kelley, CSO (Chief Security Officer) The person in charge of all staff members who are responsible for promulgating, enforcing and administering security policies for all systems within an enterprise or division. . "Our money managed process is very efficient and essential for a business oriented site. By placing the buyer's payment in a ComAuction controlled business demand deposit account until funds clear, the seller is assured of payment before release of goods. Likewise, the buyer is permitted to inspect the goods before final release of the funds." "One more distinguishing aspect of ComAuction is the customers' funds flow is not encumbered Encumbered A property owned by one party on which a second party reserves the right to make a valid claim, e.g., a bank's holding of a home mortgage encumbers property. by a true bank escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. . At no time did we use the escrow services of Merrill Lynch and neither will we use the escrow services of Bank One. The ability to provide a safe and secure platform for our business customers to list and buy is all contained in ComAuction's custom designed software. We control the transfer of funds, the bank is just the temporary depository for the checks and has no fiduciary responsibility over and above any normal DDA DDA Disability Discrimination Act (1995, UK) DDA Downtown Development Authority DDA Doha Development Agenda DDA Delhi Development Authority DDA Department for Disarmament Affairs DDA Demand Deposit Account DDA Domain Defined Attribute account," explained Keith Pitcher, President. "The huge B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business market for first run products, combined with billions of dollars worth of excess assets offers enormous market potential," continues Pitcher. "The Internet Business to Business Auction concept has been recently validated with the partnership between the leading C2C (Client to Client) An earlier term for peer-to-peer (P2P), in which one user communicates with another user without going through a server in between. See peer-to-peer. auction site and a B2B auction site. We were pleased to note this logical next step as it will require strong marketing efforts by a number of B2B auction companies to successfully develop this new concept. As ComAuction moves forward in the development of the giant Internet Business to Business Auction marketplace, we wish all competitors well. ComAuction is ready for the future. Stay on line for more press releases detailing new competitive advantages, new partnerships and major new customers, " concluded Keith Pitcher. ComAuction is the Internet's first business to business auction site, offering a wide range of services, from its patent pending built in money management, to live sales and telemarketing telemarketing, the practice of selling goods or services to customers by means of the telephone or of surveying consumer preferences in telephone conversations. staffs to promote items posted on the site. ComAuction offices are located in Dowagiac, Michigan Dowagiac, founded in 1848 is a city in Cass County in the U.S. state of Michigan. The population was 6,147 at the 2000 census. Dowagiac is situated at the corner of four townships: Wayne Township to the northeast, La Grange Township to the southeast, Pokagon Township to the and can be contacted be calling toll free: 877 4.NET.SELL, or by emailing info@ComAuction.com. The staff is composed of business owners and professionals with backgrounds in both technology and industry. ComAuction is dedicated to providing the best and most secure vehicle for businesses to buy and sell on the Internet. More information can be found at www.comauction.com |
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