SOURCE: GoIndustry PLC

January 30, 2008 07:01 ET

GOINDUSTRY ANNOUNCES ACQUISITION OF US DOVEBID INC

London, UK--(Marketwire - January 30, 2008) - 30 January 2008


                 GoIndustry plc ('GoIndustry' or 'the Company')

                        Acquisition of US based DoveBid

UK based GoIndustry plc is acquiring DoveBid Inc in a pivotal deal which will create the world's largest industrial machinery and equipment auctioneer.

GoIndustry CEO John Allbrook says 2008 will be another important year in the Company's development following the announcement of the acquisition of DoveBid. During a global teleconference, Allbrook told employees worldwide, that with the acquisition now announced, GoIndustry will embark on a fast and effective integration process, which is expected to realise annual cost synergies of around GBP5 million.

"These are exciting times," said Allbrook. "We are bringing together two great companies with a proud tradition in the surplus industrial machinery and equipment market. I am looking forward to welcoming all our new employees and to a successful future together as we continue to build the world's leading asset sales and valuation services organisation.

"This is a truly transformational deal for our company that will give us a market leading position in the United States, Europe and Asia-Pacific regions. As one company, we are bigger, stronger and more focused, with a clear ambition to serve our customers and help them become even more successful."

The enlarged group will operate in three business areas: Corporate Disposition, Disposals and Valuations Services.

"We want to maximize the expertise of all our employees and grow our company in markets across the globe," continued Allbrook. "Our efforts will be channelled into building on the momentum we have already created and making sure that the enlarged group, which, going forward will be called "GoIndustry- DoveBid", delivers on the full potential that this combination offers to our customers, employees, and shareholders."

Completion of the acquisition is expected on 25 February 2008.

* * ENDS * *



For further information visit www.goindustry.com or contact:

John Allbrook     GoIndustry plc                   Tel: 020 7098 3700
Isabel Crossley   St Brides Media & Finance Ltd    Tel: 020 7242 4477
Gareth Price      Oriel Securities                 Tel: 020 7710 7600

Notes

GoIndustry plc, listed on the London Stock Exchange's AIM market (Epic: GOI), is a global market leader in the valuation and sale of surplus industrial machinery and equipment. The Group combines traditional asset sales experience with innovative eCommerce technology and advanced direct marketing to service the needs of corporations, insolvency practitioners, dealers and asset based lenders around the world.

DoveBid Inc., is a global provider of capital asset auction and valuation services to large corporations and financial institutions. Founded in 1937, it has been at the forefront of using online technology to make the auction process more transparent, offering a portfolio of asset disposition solutions including live webcast auctions, featured online auctions, sealed bid sales, and private treaty sales. Its wholly owned subsidiary, DoveBid Valuation Services, Inc., provides diversified asset appraisal services and has 11 certified valuers with more than 52 years of combined valuation experience. DoveBid is headquartered in Los Angeles, California, and has offices in 19 countries throughout North America, Europe and the Asia-Pacific region.



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