[January 27, 2015]

iBidSmart separates from ALTESO LLC

ALTESO LLC, the holding company and software developer of integrated digital auto remarketing products today announced that iBidSmart, LLC, its white-label auction platform division, will be separating from the ALTESO group of companies.

iBidSmart, LLC has established itself as a niche, white-label upstream auction platform and offers its customers very flexible auction solutions that include online digital features such as static buy-now/bid-now sales, sealed bid sales and live audio/visual sales that combine with a website front-end and back-office auction management functionality. Customers using the iBidSmart technology can totally replace their current static website with this platform instantly providing them with capabilities like electronic and mobile vehicle assignment, buyer registration, bidding client features and transaction management.

"We are getting a lot of traction with iBidSmart as large institutional vehicle suppliers look for ways to asily and quickly put their assets in front of their direct, preferred buyer network that is often very specialized to their product and industry," stated Yury Kaganov, Founder and Partner of iBidSmart. Kaganov went on to say, "iBidSmart's growth and new business prospects have put some strain on ALTESO's core resources and it has become very apparent that we need to separate this product as a stand-alone entity." As a result, iBidSmart has secured additional investors and will be operated independently from ALTESO and its other products.

With this announcement, Mark Buffa has been named to the position of CEO, iBidSmart reporting to a new board of directors and investors. Buffa has over 20 years' related industry experience and is perfectly suited to lead and direct the current and future growth of iBidSmart.

This move confirms ALTESO's commitment to 'blurring the lines' between wholesale and retail. "It's like watching your children grow up and leave the nest!" said Kaganov. "This is what we work for every day - the opportunity to identify a market opportunity, do research and build a product that becomes recognized as a value-added business tool that drives profitability, both for customers as well as shareholders."

"I am extremely honored and excited to be focusing my efforts on iBidSmart and the niche market segments that are pursuing private-label remarketing platforms. This separation and injection of capital will solidify iBidSmart's market placement and help to propel iBidSmart to new heights in these markets," Buffa said.

The separation of iBidSmart will begin immediately and will take some time to transition. ALTESO will continue to operate independently from iBidSmart under the leadership of Yury Kaganov and guidance of its board of directors as well as the consulting services of Cheryl Munce, Chief Executive Consultant.

About ALTESO LLC:

ALTESO's commitment to the auto remarketing industry is delivering timely, easily integrated, on-demand digital solutions supported by best-in-class employees. With a lifetime of experience in technology and nearly a century of combined automobile remarketing experience, ALTESO has products that meet the rapidly changing demands of the industry while delivering value for stakeholders.

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