On-line laboratory auctioneer receives $1 Million US in bids in a single day

A LabX auction hit a record $1 Million US in bids for a one-day event. The Quality Lab Excess auction attracted more than 6,300 bids on 646 listings.

The online auction event had a record 83% close rate. "The rapid growth of LabX proves that niche auction marketplaces can thrive in the tailwinds of generic auction giants like eBay and Yahoo," said Bob Kafato, CEO of LabX, a Canadian company based in Midland Ontario.

The next LabX auction event will be held June 2004. Details of this event and other upcoming auctions can be found on the LabX web site: http://www.labx.com

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