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Be the next Internet Startup Auctions Off $1 Million Site for $1,000

July 17, 2008; 04:49 AM

Miami Beach, FL (PRWEB) July 17, 2008 -- is auctioning off a $1 million e-commerce site for only $1,000 with no reserve: The auction ends on July 22, 2008 at 12:00 p.m. and is hosted on the Web site. is an online consumer electronics retailer that invested over $2.5 million before it ran out of cash. The sale includes the high value domain name portfolio, appraised as high as $500,000, and, technology and key-supplier of information.

"We bought all the matching domains in the UK, China, Brazil. Our plans were to grow the brand worldwide," says James Cook, former CEO of "Last month, a leading domain name auction site, listed '' at auction for $2.2 million."

"I started a social shopping network called We needed cash to fund it. We wasted a lot of time listing our business so we decided to jump on board with," continues Cook.

"Where traditional business listings take time and may not yield any results, the auction format guarantees a sale. We list all assets at $1,000 with no reserve and we let the marketplace decide the true value!" says Michael Newman, VP of Marketing for

"Entrepreneurs and private sellers get cash fast, and domain name investors get access to good inventory at a great price. Every entrepreneur has a few good domains, shelved concepts or technology pieces in its closet," says Mr. Newman.

With the economy tightening up, more and more people are trying to cash out of their assets. For entrepreneurs trying to raise cash without giving away equity, offers a unique solution to getting those assets liquid.

"We are the domain name liquidators! We want to be know as the best place to sell your .com names, fast. It's a win-win. Entrepreneurs and private sellers get cash fast, and domain name investors get access to good inventory at a great price," says Michael Mesure, CEO of

After generating over $1.5 million liquidating products on, Mr. Mesure came up with the idea to duplicate the no-reserve auction format for domain names. processed over one million transactions online, charging $200 per auction and up to 20 percent in listing fees.

"Selling your domain can take a while. First you have to get an appraisal, which for the same domain, can vary from $1,000 to $100,000 depending on whom appraises it. Then you can list the domain on various marketplaces and wait for a buyer to pull the trigger. When you need to cash out, you can waste a lot of valuable time. The auction format forces the buyers to make a decision," says Mr. Mesure. gathers domain name investors, business brokers, technology buyers, business owners and private sellers in one fluid marketplace.

The $1 million auction for $1,000 is closing on Tuesday July 22, 2008 at 12 p.m.

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