Surplus Real Estate and Bid4Assets have partnered to launch a private online exchange next month to sell an ongoing flow of retail properties at http://www.bid4assets.com/SRE. This private exchange, powered by Bid4Assets, was created and customized for Surplus Real Estate to allow them to sell properties on a site that has the look and feel of the their own Web site but with all of the auction functionality of the Bid4Assets Web site.

Surplus Real Estate is a national commercial-real-estate disposition firm. The company currently has 10 retail properties from the former $2.6 billion home-improvement retailing giant, Payless Cashways, Inc. on the Bid4Assets Web site at http://www.bid4assets.com. Payless Cashways filed for protection from creditors under Chapter 11 of the U.S. Bankruptcy Code in June 2001, and then went into liquidation in August. Interested parties may now make offers on select remaining retail properties at the Bid4Assets Web site now until November 1, 2002.