Querendo engineers are currently finalizing the development of the new Inverse Auction product line close2zeroTM. In an inverse auction the winner of the auction is the person that placed the lowest unique bid rather than the highest bid, but where a small fee is charged for every bid placed. It will allow people to purchase goods at very low prices and sellers to make higher revenues on their products resulting from multiple bids.
Current expectation is that this product will be launched in Indonesia in October 2008. A roll-out in Malaysia, China, Hong Kong and Singapore will follow soon thereafter. Expansion plans for Europe and the United States are in place for late 2008 and early 2009.
