PRESS RELEASE
March 14, 2005
Amarillo Livestock Auction announced today the formation of a livestock marketing partnership with the Beefnet Exchange, a centralized marketplace for agricultural commodities on the web. Amarillo Livestock Auction will offer sellers a broader audience of buyers by broadcasting both live and internet auctions over the web.
Madison Michener, President of the Amarillo Livestock Auction company, said “Our customers want more and better options for selling their cattle. It is not enough to offer cattle for sale to one or two or three buyers. Sellers today need to find the right buyer and this means they want their cattle exposed to the entire buying world.
We have decided there is no better method for delivering the best price for the lowest cost than the Internet. We believe the partnership with Beefnet will allow the best buyer to find the best seller in an open marketplace. That will result in the best price for each party. If you combine these new enhancements on the auction side with a lower transaction cost -- that is a tough combination to beat.”
Lower transactions cost created by the delivery of digital contracts, and the electronic transfer of funds, will create new efficiencies. “We have combined click and buy trading on the Internet auctions with electronic settlement and clearing on the financial side”, said David Huseman, Beefnet technical designer. “Members of the Beefnet Exchange will be able to view the purchase of cattle, and the money flow, simultaneously over the web”.
Buyers must be members of Beefnet to participate. There is no charge for membership. Interested participants for buying or selling cattle can find out more on the Beefnet website at www.beefnet.org or the Amarillo Livestock Auction website at www.amarillolivestockauction.com.
For more information please contact:
Beefnet:
Bill O'Brien
806.372.3877 ext: 104
who@beefnet.org
Madison Michener
806.374.8990
806.679.9320 cell
Madison@amarillolivestockauction.com
Joe Bell
806.373.7464
806.683.0449 cell
joe@amarillolivestockauction.com
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