SOURCE: UnderTool.com

April 30, 2008 09:00 ET

UnderTool.com Launches First Online Auction Platform for Handyman Services in the US Market

BRADENTON, FL--(Marketwire - April 30, 2008) - FETT Ltd., the owner of the world-renowned German online company for service auctioning UnderTool.de, is launching its online platform UnderTool.com (http://undertool.com/) in the USA. UnderTool.com will be the only large established online service auctioneer in the USA; essentially nothing like it has ever existed before in the US market.

As much as the eBay trademark stands for the online auctioning for goods, UnderTool.com stands for the online auctioning for services. However, unlike eBay's method in which the client overbids for goods, UnderTool.com chose another method known as "underbidding" to unite clients and service providers. In underbidding the prospective customer places a work order where he states the maximum amount that he is willing to pay, provides a service description and then initiates the auction. Potential contractors try to underbid each other by offering the same service for a better price. Posting as well as accepting a bid is free -- only the contractors are charged a small commission of 2 to 4.5 percent once they are awarded a contract.

"No job is too small, and no job is too large for UnderTool.com," said UnderTool.com's CEO Timotheus Kim. "UnderTool.com finds the perfect service provider when searching for the best handyman, hair stylist, laundry person, or just about any other chore that you don't want to do yourself -- and of course all of these services are offered for the best prices possible."

In order to elevate customer satisfaction and to encourage repeat client visits, UnderTool.com makes sure that all service providers are qualified or certified in their respective fields of profession. Furthermore all customers are offered an opportunity to publicly evaluate service providers at the UnderTool.com website, so that future users will be able to see how satisfied previous customers were with the services they received. There is no obligation for potential clients to make deals with any of the bidders or to pick the service provider offering the lowest bid. The clients are free to choose the service provider with whom they feel most comfortable.

UnderTool.com is a helpful tool for potential contractors as well. For example, if a freelance auditor, painter, or website designer is looking for new clients, they simply visit UnderTool.com and search for assignments in their local areas of expertise. "I am thrilled to bring this concept, which has been so successful in Germany, to the United States," said US-Division Manager Alexander Kirsch-Clayton. "I believe that in these economically challenging times, UnderTool.com's underbidding platform will help with getting things done while also saving money at the same time."

UnderTool.com has already performed a test run in the US market, and their first US costumers now have improvements ranging from a brand new kitchen to a new sturdy guinea pig cage. "I am very busy so I don't have time to research the providers, services and pricing for all of the things which need to be done around my house," said Pamela Sommer, a professional from Palo Alto, California. "I am so excited and relieved that with the help of UnderTool.com I can finally tackle all those little projects which have been on my to-do list forever."

UnderTool.com was founded in Germany in 2003 and was the first online platform worldwide to offer underbidding for the service sector. Via UnderTool.de over 100,000 projects have been completed, among them the plastering of the famous Berlin Olympic Stadium which amounted to $420,000. It has over 53,000 registered users in Germany and steadily keeps on growing especially in the construction industry. The American website was introduced on March 6, 2008 during the global computer fair "CeBIT."

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