SOURCE: buySAFE

April 19, 2006 09:20 ET

buySAFE Reimburses Hundreds of Buyers After Collapse of eBay Seller GlacierBayDVD

buySAFE's Surety Bond Solution Protects Consumers From E-Commerce Losses

ARLINGTON, VA -- (MARKET WIRE) -- April 19, 2006 -- buySAFE, Inc. (www.buysafe.com), the leading online trust and safety company for e-commerce transactions, announced today that it has successfully resolved all claims related to the collapse of GlacierBayDVD, once eBay's highest-rated feedback seller. buySAFE paid thousands of dollars to hundreds of consumers who paid for -- but did not receive -- merchandise from GlacierBayDVD, and ensured that every buyer who completed a transaction bonded by buySAFE either received their product or was fully reimbursed for their loss.

In February, GlacierBayDVD shut down on eBay's marketplace and stopped shipping products to hundreds of buyers who had already paid for their goods. Because GlacierBayDVD was a buySAFE Bonded Seller, each of its affected customers was proactively contacted by buySAFE and was reimbursed for any losses. buySAFE Bonded Sellers are merchants who are inspected and monitored by buySAFE and whose transactions are guaranteed with a surety bond from Liberty Mutual at no cost to the buyer. In the rare instances when something does go wrong with a transaction, buyers can redeem their surety bonds for complete reimbursement.

"buySAFE has had a long, positive relationship with GlacierBayDVD, and we are saddened that economic pressures have caused them to cease operations," said Jeff Grass, CEO of buySAFE. "This situation highlights exactly why buySAFE provides such a valuable service for online shoppers and why buySAFE is so important for eBay and for e-commerce more generally."

Grass added, "What happened to GlacierBayDVD can happen to any seller, which creates uncontrollable risk for shoppers. eBay provides a wonderful venue for buyers and sellers to come together, but eBay doesn't take responsibility for the seller's performance. buySAFE fills this void by guaranteeing the performance of Bonded Sellers, thus helping make the marketplace better, safer for shoppers, and more economically efficient."

Consumers can identify buySAFE Bonded Sellers by the presence of the buySAFE Seal in sellers' listings on eBay, Overstock.com Auctions and TIAS. The buySAFE Seal in a Bonded Seller's listing indicates that the seller has:

--  passed buySAFE's comprehensive business inspection process to ensure
    they are trustworthy, reliable, and committed to delivering on the promises
    they make to buyers;
--  invited buySAFE to continuously monitor their performance in every
    transaction; and
--  protected their customers from loss by paying for a surety bond from
    Liberty Mutual® to guarantee each bonded transaction up to $25,000.
    
Consumers who wish to purchase items bonded with buySAFE should visit buySAFE Shopping (www.buysafeshopping.com) -- the world's only all-bonded comparison shopping site -- or should search for buySAFE Bonded Items on eBay, Overstock.com Auctions or TIAS.

ABOUT buySAFE

buySAFE, Inc. helps to create a safe and stress-free online shopping environment through Bonded Shopping™ -- the only program that qualifies merchants, identifies reputable online businesses with the buySAFE Seal, and uses surety bonds to provide broad protection for individual buyers from online transaction risks. buySAFE also benefits online merchants by increasing trust and confidence with their shoppers, thereby increasing profit opportunities. There are currently more than two million items bonded with buySAFE that can be found at www.buysafeshopping.com. buySAFE is headquartered in Arlington, Virginia. More information can be found at www.buysafe.com.

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