NovaMed has acquired World Wide Auctioneers Dubai, an international heavy equipment auction company in the United Arab Emirates (UAE) as a wholly owned subsidiary, stated a press release.
NovaMed authorized the issuance of 13,887,500 new shares of NovaMed's common stock to the shareholders of World Wide Auctioneers USA, the parent of WorldWide, in exchange for the acquisition.
The company further announced the appointment of a new slate of directors and officers that include Eric Montandon, as the chairman of the board and Cornelis Van Lieshout as NovaMed's chief executive officer and as a director.
WorldWide is an international equipment auction company that holds unreserved auctions for the sale of construction, industrial and transportation equipment on consignment. WorldWide has sold at auction over $124 million worth of construction equipment at unreserved auctions in Dubai in 2001 through July 2003. These gross auction sales include over $48.7 million sold in Dubai in the seven months of 2003 alone, a 46 percent share of the Dubai construction equipment auction market.
WorldWide also manages auctions in Jakarta, Indonesia and Perth, Western Australia on a contract basis. Gross auction sales at these managed auctions are projected at $38 million for 2003.
Currently, WorldWide's primary operations are focused within the Middle East where years of strife followed by periods of reconstruction have produced a growing trade in heavy equipment.
The company is accelerating its auction schedule in 2003 and 2004, and is using Internet presentation and live bidding in cooperation with partner GoIndustry. WorldWide has also introduced wireless electronic bidding and video data presentation technology at its physical auctions in Dubai. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
