E-Auction Announces Board Of Directors And Corporate Update.

Business Editors

TORONTO--(BUSINESS WIRE)--Feb. 2, 2000

e-Auction Global Trading Inc. (&uot;e-Auction&uot;) (NASDAQ: EAUC) Mr. Dan McKenzie, Chairman of e-Auction, a world leading provider of real-time, business to business (B2B) electronic auction, and financial services to commodity auctioneers, today announced the Board of Directors.

&uot;All Board Members have specific strengths that will prove invaluable to the growth and future of e-Auction as the Company positions itself to be the premiere B2B e-commerce commodity portal. A strong management team with a united vision, and commitment to succeed is necessary to develop e-Auction to its full potential. I am confident that each board member shares this vision and I know I can count on their vast years of experience and expertise in making corporate decisions. Collectively, this wealth of technical and professional knowledge is an asset that e-Auction will use and expand on as the Company grows. I welcome all Board Members into this exciting new business arena that sets the stage for commerce in the new millennium,&uot; stated Mr. McKenzie.

Dan A. McKenzie, Chairman

Mr. McKenzie brings a strong and diversified background in corporate management and technology development. Mr. McKenzie has 19 years of high tech management experience, with 15 as an owner/manager. He is the principal founder of two successful businesses, McKenzie Brown Canada and EveryWare Development Inc.

Mr. McKenzie was the initial investor and founding partner of EveryWare Development Inc. In 1990, as President and CEO, he built the business through sales and software development with a record of profit for 5 consecutive years. EveryWare is a market leader in providing innovative cross-platform development tools for creating dynamic Web-based applications. Mr. McKenzie took the company public in 1995 as CEO and Chairman of the Board. Mr. McKenzie led the Company through numerous financings and acquisitions, including InContext Systems Inc. (TSE: INI) and in November 1998 EveryWare was purchased by Pervasive Software Inc. NASDAQ NM: (PVSW). Mr. McKenzie's experience in growing and merging early stage technology companies enables him to identify the needs of the marketplace to bring new products and services quickly and profitably to market.

Luc Schelfhout

Mr. Schelfhout created Schelfhout Computer Systemen N.V. in 1983 which has grown under his management into the market leader in the development and implementation of electronic trading systems. Prior to starting the company, Mr. Schelfhout worked for Stafa Control Systems, a company specializing in control and measurement systems. Mr. Schelfhout also has a degree in Electronics (A1-B1) and is a licensed pilot. Through Mr. Schelfhout's leadership, Schelfhout has lead in the development of more than 100 electronic trading systems worldwide. In addition, numerous feasibility studies have been prepared.

Philip A. Lapp

Dr. Lapp has been Senior Vice-President and Director of SPAR Aerospace Limited, responsible for all engineering and technical programs. Dr. Lapp served as both Director of Technical Operations and Chief Engineer at de Havilland Aircraft of Canada. At the Massachusetts Institute of Technology, Dr. Lapp was a research Associate and Instructor in Aeronautical Engineering. Dr. Lapp has received a Centennial Medal in 1967, Honorary Member, Engineering Institute of Canada 1973, Fellow of Ryerson Polytechnical Institute 1987, Gold Medal from the Association of Professional Engineers of Ontario in 1992 and Officer of the Order of Canada in 1995. Dr. Lapp still holds many present Directorships including CDM Information Inc., InfoWest Services Inc., Kenneth Molson Foundation (Chairman), EMR Microwave Technology Corporation, PCI Enterprises Inc., Mind the Store Inc. (Chairman), VisuaLabs Inc., and Honorary Governor, York University.

Phil MacDonnell

Mr. MacDonnell is presently Vice-President and a Director of Hawk Capital Corporation and Hawk Partners Ltd., which provides financial services to Canadian companies. He has held these positions since 1997 and 1998 respectively. Mr. MacDonnell obtained an Honors Business Administration Degree at the University of Western Ontario in 1960. Later in 1964, he obtained a Chartered Accountants Degree from the Institute of Chartered Accountants.

Mr. MacDonnell became a founding partner in Loewen Ondaattje McCutheon &Co. Ltd. (an international institutional stock Brokerage Company and publicly traded on the TSE). From 1989-1991, Mr. MacDonnell was the President of Family Trust Corporation before it was sold to Manulife Insurance. Mr. MacDonnell has sat on the Board of the Vancouver Stock Exchange and was a Director of Grand Field Pacific Ltd., (a publicly traded hotel company on the TSE 1996-1998) and EveryWare Development Inc.

Eric White

Mr. White is currently a partner with The Chancellor Partners, a management consulting firm that specializes in high level IT planning, strategic planning and executive search, and has held that position since 1993. From 1989-1993, Mr. White was a partner with Chowne Beatson White &Hoogstra. In 1986-1989, Mr. White was a Partner with Corporate Recruiters Ltd.

The experience that Mr. White brings is in assisting management in solving organizational challenge, managing organizational change, merging/rationalizing staffing and designing/implementation of strategic plans.

As a leader in providing B2B auction solutions, e-Auction is involved in the largest market segment of Internet auctions. According to Forrester Research Inc., it is estimated that by 2002, $52.6 Billion in transactions will be conducted through B2B auctions. This value dwarfs the expected $7.5 Billion business to consumer (B2C) market and the $4.8 billion person-to-person (P2P) market where companies such as eBay, Onsale and Amazon.com target their services. FreeMarkets Inc. and Commerce One, Inc. are B2B auction markets for industrial goods and services.

e-Auction, through operations in Belgium, Toronto, London, and Australia, combines real time, electronic auction systems with integrated financial services including foreign exchange, hedging and financial settlement services. These are vital components to the overall auction process, and will allow e-Auction to benefit from multiple revenue streams. e-Auction provides unprecedented value added services to auction houses, buyers and sellers in all industries that conduct commodity based trading, resulting in new markets, lower costs and more efficient cost saving transactions for all parties.

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1993 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements involve risk and uncertainties which may cause the actual results or objectives to be materially different from those expressed or implied by such forward-looking statements. Such factors include, among other things, the Company's financial performance; changes in the competitive environment; adverse changes in the economy; ability to maintain long term relationships with customers; and financing requirements.

For more information on e-Auction, please visit their website at:

http://www.eauctioninc.com

http://www.schelfhout.com