AssetAuctions Joins SalvageSale and CapitalAssetSale to Create Premier Online
Marketplace with Expanded Offerings

HOUSTON – December 3, 2008 – AssetNation, Inc. announced today its acquisition
of AssetAuctions LLC. AssetAuctions is the leading provider of asset recovery,
appraisal and inventory online auction services for the industrial, commercial and
government markets. AssetNation already has some of the strongest brands in the
online auction community which include SalvageSale, SalvageSale Ltd (UK),
CapitalAssetSale, and now AssetAuctions and AssetAuctions de Mexico. This
acquisition brings expanded service offerings and signals a commitment to
expanding the AssetNation footprint internationally.

“AssetAuctions is a natural complement to our business model and we look forward
to the addition of their talented team, led by Shawn Allen and Scott Britton, to the
AssetNation family,” said Dan Parsley, CEO of AssetNation. “In today’s challenging
economic market, multi-national corporations, commercial insurers and
government entities require a dependable and full service asset disposition partner.
With the addition of AssetAuctions, we can now offer the broadest and deepest
service offering available. We anticipate our global buyers will be spending more of
their time and financial resources with AssetNation, due to the increased
convenience, volume and selection of commercial and industrial assets.”

Allen and Britton will continue to lead the AssetAuctions business segment as
President and Vice President, respectively. “AssetNation has an impressive
leadership team, a scalable technology platform and a track record of generating
measurable results for its customers,” said Shawn Allen, President of AssetAuctions.
“We are confident this combination will allow us to offer more value and services to
our industrial and governmental customers. We are wholly committed to
AssetNation’s success.”

AssetNation’s business model builds upon the foundation of its business segments
SalvageSale and CapitalAssetSale. SalvageSale and SalvageSale Ltd support
commercial property and casualty insurance companies by dramatically increasing
recoveries on damaged commercial and industrial salvage. These clients will not be
impacted by this change, however, they will benefit from an expanded buyer base
which should generate greater competition and higher salvage recoveries.
SalvageSale, the original segment, will continue to service all insurance clients in the
same manner, with the same account managers and client service managers.
CapitalAssetSale helps companies turn surplus, idle and end-of-life industrial assets
into new sources of cash. AssetAuctions broadens CapitalAssetSale’s corporate
asset focus, offering online auctions, liquidations, private sales, corporate internal
asset redeployment and appraisal valuation services for industrial equipment and
machinery.

“The acquisition of AssetAuctions demonstrates Spire Capital’s continued
commitment to grow AssetNation, both organically as well as via select strategic
acquisitions. We believe AssetNation’s market potential to be substantial and with
the addition of AssetAuctions’ complementary marketplace services, we believe
AssetNation’s increased size, scale and capabilities will increase the company’s
market leading position in the verticals it serves,” states Sean C. White, Partner of
Spire Capital, L.P.

The newly formed AssetNation will remain headquartered in Houston, Texas and
will have offices and employees in 13 U.S. cities: Pittsburgh, New York, Chicago,
Detroit, St. Louis, Los Angeles, Phoenix, Tampa, Jacksonville, Ft. Myers, Columbus,
and Austin, and internationally in Mexico City and London.


About AssetNation, Inc.
AssetNation, Inc. is the leading online marketplace and services provider for the
insurance industry and corporate surplus, idle and end-of-life assets. By combining
comprehensive services and leveraging the Internet to increase transaction
transparency and efficiency access a global universe of buyers, AssetNation and its
business segments, SalvageSale, SalvageSale Ltd, CapitalAssetSale, AssetAuctions,
and AssetAuctions de Mexico have dramatically improved recovery results for
sellers of commercial salvage goods, as well as corporate surplus and end-of-life
assets. AssetNation is headquartered in Houston, with offices in Pittsburgh, New
York, Chicago, St. Louis, Detroit, Los Angeles, Phoenix, Tampa, Jacksonville, Austin,
Mexico City and London. The company also has global representatives in Singapore,
Antwerp and Rotterdam. Visit SalvageSale.AssetNation.com, www.SalvageSale.co.uk,
www.CapitalAssetSale.com or Asset-Auctions.AssetNation.com for more information.1


About Spire Capital Partners
Spire Capital Partners is an active and experienced private equity firm founded in
2000 with approximately $600 million in assets under management. Spire partners
with exceptional management teams to invest in small market companies within the
business services, information services, media and communications sectors. Since
its founding, Spire has successfully made investments in approximately 30 portfolio
companies which include AssetNation, Sky Mall, Professional Bull Riders (PBR),
Sonitrol and others. The firm is headquartered in New York City. Visit
www.spirecapital.com for more information.