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Subjex Corporation Makes Technology Investment in Online Auction Penny20, Inc.
Five year Strategic Partnership Agreement and Technology Infusion to Establish First Hidden-Limit Auction
MINNEAPOLIS, Jan. 5, 2011 /PRNewswire/ -- Subjex Corporation (OTC Bulletin Board: SBJX) and Penny20, Inc. today announced a non-exclusive, five year strategic partnership technology investment agreement. In exchange for a 40% equity stake in the auction company, Subjex is contributing what it is calling an $18 million technology investment of its intellectual property holdings in the form of Artificial Intelligence algorithms, software development libraries, and use of its 3 million plus opt-in business database. The partnership serves to create the first auction model of its kind. Penny20.com is set to launch this month.
"Subjex has developed significant intellectual property assets over the last 11 years," remarked Andrew Dean Hyder, Subjex Corporation CEO. "These assets will now power Penny20's auction system, which allows anyone to sell items for full price without paying a listing fee, and enables consumers to win items at significant discounts that have until now only been available through risky online penny auctions."
Penny20, despite its name, asserts not to be a penny auction, but a "Hidden-Limit" auction. Each bid placed in .20 cent increments is combined to create a growing "Hidden" total that is systematically revealed to bidders. Auctions have a finite "Limit" because bid revenue never exceeds the auction price. Buying one, or many bids, the winner is the first bidder whose bid pushes the Hidden total to the auction price.
Penny20 Vice President, Brandon Ward noted, "Using Subjex' expertise we have developed a model that disrupts the status quo. Subjex' dialogue technology also powers our virtual auctioneer character, 'Penny', which further distinguishes our model."
About Subjex Corporation
Based in Minneapolis, MN, USA, Subjex Corporation is a public artificial intelligence development Company delivering solutions for business and online commerce. For more information visit http://www.subjex.com
About Penny20, Inc.
Penny20 is a private Nevada corporation and auction model that allows the public to sell their own items for full retail, gives large discounts to bidders, and is designed to have the highest known bid-to-win ratio in the industry.
This information contains "forward-looking statements'' within the meaning of Section 27A of the Securities Acts of 1933 and Section 21E of the Securities Exchange Act of 1934. Management believes that the expectations reflected in such forward-looking statements are reasonable but cannot give assurance such expectations will prove correct.
CONTACT: Andrew Hyder of Subjex Corporation, +1-612-382-5566, andrew@subjex.com
SOURCE Subjex Corporation
Subjex Corporation
CONTACT: Andrew Hyder of Subjex Corporation, +1-612-382-5566, andrew@subjex.com
Web Site: http://www.subjex.com
Subjex Corporation Makes Technology Investment in Online Auction Penny20, Inc.
Five year Strategic Partnership Agreement and Technology Infusion to Establish First Hidden-Limit Auction
MINNEAPOLIS, Jan. 5, 2011 /PRNewswire/ -- Subjex Corporation (OTC Bulletin Board: SBJX) and Penny20, Inc. today announced a non-exclusive, five year strategic partnership technology investment agreement. In exchange for a 40% equity stake in the auction company, Subjex is contributing what it is calling an $18 million technology investment of its intellectual property holdings in the form of Artificial Intelligence algorithms, software development libraries, and use of its 3 million plus opt-in business database. The partnership serves to create the first auction model of its kind. Penny20.com is set to launch this month.
"Subjex has developed significant intellectual property assets over the last 11 years," remarked Andrew Dean Hyder, Subjex Corporation CEO. "These assets will now power Penny20's auction system, which allows anyone to sell items for full price without paying a listing fee, and enables consumers to win items at significant discounts that have until now only been available through risky online penny auctions."
Penny20, despite its name, asserts not to be a penny auction, but a "Hidden-Limit" auction. Each bid placed in .20 cent increments is combined to create a growing "Hidden" total that is systematically revealed to bidders. Auctions have a finite "Limit" because bid revenue never exceeds the auction price. Buying one, or many bids, the winner is the first bidder whose bid pushes the Hidden total to the auction price.
Penny20 Vice President, Brandon Ward noted, "Using Subjex' expertise we have developed a model that disrupts the status quo. Subjex' dialogue technology also powers our virtual auctioneer character, 'Penny', which further distinguishes our model."
About Subjex Corporation
Based in Minneapolis, MN, USA, Subjex Corporation is a public artificial intelligence development Company delivering solutions for business and online commerce. For more information visit http://www.subjex.com
About Penny20, Inc.
Penny20 is a private Nevada corporation and auction model that allows the public to sell their own items for full retail, gives large discounts to bidders, and is designed to have the highest known bid-to-win ratio in the industry.
This information contains "forward-looking statements'' within the meaning of Section 27A of the Securities Acts of 1933 and Section 21E of the Securities Exchange Act of 1934. Management believes that the expectations reflected in such forward-looking statements are reasonable but cannot give assurance such expectations will prove correct.
CONTACT: Andrew Hyder of Subjex Corporation, +1-612-382-5566, andrew@subjex.com
SOURCE Subjex Corporation
Subjex Corporation
CONTACT: Andrew Hyder of Subjex Corporation, +1-612-382-5566, andrew@subjex.com
Web Site: http://www.subjex.com