/C O R R E C T I O N -- TBAuctions/

In the news release, TBAuctions and Surplex Join Forces to Expand Across Europe, issued 08-Aug-2024 by TBAuctions over PR Newswire, we are advised by the company that in the First paragraph, TBAuctions, Europe's leading multi-brand...', should read "sell over 1.6 million assets receiving bids from 750K bidders in 175 countries" rather than "sell over 1.6 million assets receiving bids from 700K bidders in 175 countries" as originally issued inadvertently. The complete, corrected release follows: AMSTERDAM, Aug. 8, 2024 /PRNewswire/ -- TBAuctions, Europe's leading multi-brand online B2B marketplace for used industrial goods, acquires Surplex. The transaction closed on 7th August 2024. This strategic move accelerates TBAuctions growth into new countries including Spain, Poland, Portugal, Romania, Czech Republic, Hungary, and Serbia. It also bolsters TBAuctions' presence in Germany, France, and Italy, adding deep industry vertical expertise in metal and woodworking. The combination with Surplex enables TBAuctions to achieve new milestones. The combined brands of TBAuctions reach nearly 200 million annual site visits, source sellers from 20+ countries across Europe, sell over 1.6 million assets receiving bids from 750K bidders in 175 countries, generating hammersales of over €1.6 billion, and employing nearly 1,200 team members.  The European market for used business equipment sales exceeds €250 billion per year, and digital auctioning is a fast-growing channel for trading these assets. Driven by tech advancements, digital adoption, and sustainability shifts. With a proprietary intelligent auctioning platform, TBAuctions makes auctioning more transparent and efficient through a connected bidder base, automation, AI, and scale; taking advantage of these trends. Every year, manufacturing of new vehicles, farm and construction equipment generates over a billion tons of CO2e. By extending the life of existing equipment, and buying second hand machinery, companies can reduce their carbon footprint, and global emissions. Founded in 1999 in Düsseldorf, Germany, Surplex has built a strong reputation across Continental Europe, specializing in installed industrial machinery for metal and woodworking for international commercial buyers. This complements well with TBAuctions position in the Nordics and Benelux focused more on mobile equipment.  Tom Christenson, CEO of TBAuctions, shared: "Surplex has a great team of people, excellent customers, and a strong brand across Europe. Together with TBAuctions' best in class tech platform and leading brands, we see great opportunities through our complementary services, values, and people to drive exponential growth. This marks a major milestone for us to serve customers in all countries of Europe on our journey to revolutionize digital auctioning and promote sustainable trade."  Michael Werker, Managing Owner of Surplex, said: "It makes a lot of sense for Surplex to come together with TBAuctions. We share similar values, commitment to excellent customer service, and a passion to drive the circular economy." Uli Stalter, Managing Owner of Surplex, summarizes saying: "The combination of skills and geographic footprint between Surplex and the family of TBAuctions brands creates a comprehensive digital auction experience across Europe." About Surplex Surplex has been one of Europe's leading industrial auction houses for 25 years and trades worldwide in used machines and factory equipment. The 18-language auction platform Surplex.com has over 125,000 registered customers. Around 1,000 online auctions are held annually, with more than 400,000 industrial products sold to date. The company is based in Düsseldorf and has offices in 16 European countries. About TBAuctions TBAuctions is Europe's leading multi-brand (Troostwijk Auctions, Klaravik, Auksjonen, PS Auction, British Medical Auctions, Vavato, and Auktionshuset dab), digital auction platform for B2B used goods with 1,000+ team members across the Nordics, Benelux+UK, and Continental Europe. We believe that "Everything Has Value" and we make auctioning more effective and efficient by using technology, automation, and economies of scale. TBAuctions' proprietary platform hosts intelligent online auctions, connecting bidders from various storefronts into a single, unified auction experience. TBAuctions brings sustainable trade to a higher level. Sourcing locally and selling globally, millions of products are auctioned every year. Funds managed by Castik Capital are the majority owners of TBAuctions, with Summa Equity as the minority shareholder. Photo: https://mma.prnewswire.com/media/2475481/TBAuctions_Surplex.jpg View original content:https://www.prnewswire.co.uk/news-releases/tbauctions-and-surplex-join-forces-to-expand-across-europe-302216819.html

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