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VANCOUVER,
BRITISH COLUMBIA -- Ritchie Bros. Auctioneers (NYSE symbol:
RBA), the world's leading industrial auctioneer, announces
the results of their first auction in Singapore.
The
two-day Ritchie Bros. auction in Singapore on November 4
& 5, 1999 generated over US$11 million in gross auction
sales.
Three
hundred twenty-two (322) registered bidders came to the
sale site located in the Pasir Panjang Multi-purpose terminal
at the PSA in Singapore. Thirty-seven (37) countries were
represented at the sale. There was significant attendance
from Australia, Japan, Malaysia, Indonesia, the Philippines
and Singapore. In addition to the strong representation
from Asia, bidders came from as far as Norway, Greece, South
Africa and Venezuela to bid on the nine hundred sixty-two
(962) items which were sold over the course of the two-day
sale.
"This
was definitely a remarkable sale," says Rob Mackay, Vice
President -- Asia Pacific Region for Ritchie Bros. "It was
our first auction in Singapore and we are very happy with
both the great attendance and the auction sale results.
There was an excellent selection of equipment to choose
from and the bidding was strong on both days."
The
two-day auction featured equipment from numerous consignors
from Asia and around the world. Featured equipment included
crawler tractors, wheel loaders, hydraulic excavators, trucks,
tractors, forklifts, manlifts, rough terrain cranes, air
compressors and welders.
"We
are very excited about the success of the sale," notes Brian
Butzelaar, Regional Manager -- Asia Pacific Region for Ritchie
Bros. "It's always exciting to have a great turnout of customers
coming in from all corners of the globe. We're looking forward
to holding our next sale here in Singapore scheduled for
March 2000."
Ritchie
Bros. is the world's leading auctioneer of industrial equipment,
operating through over 70 locations throughout North and
Central America, Europe, Asia, Australia, Africa and the
Middle East. The Company sells, through unreserved public
auctions, a broad range of used industrial equipment including
equipment utilized in the construction, transportation,
mining, forestry, petroleum and agricultural industries.
Ritchie Bros. is a public company; its common shares trade
on the New York Stock Exchange under the ticker symbol RBA.
It maintains a web site at rbauction.com.
Investors
and potential investors should note that this information
may not be indicative of the overall financial performance
of the Company for this or any other period.
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