MINNEAPOLIS, Feb. 18, 2011 /PRNewswire/ -- Penny20, Inc. along with technology partner Subjex Corporation (OTC Bulletin Board: SBJX) today announced the launch of new auction site www.Penny20.com. Public beta testing began February 1st and is now completed. Penny20's format allows anyone to sell items for full value without having to pay a listing fee, enables bidders to win items at substantial discounts, and pays referral commissions to members.
In a 'Hidden-Limit' auction, all bids are aggregated and applied to a rising hidden total; as the total grows so does the potential discount. Auctions end when the winning bidder buys the remaining bids and therefore have a finite 'Limit,' as bid revenue never exceeds the pre-set auction price. Heavy bidding volume will compel auctions to end faster, moving more products and producing more winners.
"Internet penny auctions simply cannot compete with the Hidden-Limit model," related Andrew Hyder, Penny20 Engineer and Subjex CEO. "The typical penny auction business model is severely flawed because they impose no limits. As long as people are bidding, auctions keep going. Auctions of that nature will never deliver legitimate, sustainable value."
Hyder continued, "We've introduced easy-to-understand game play that makes it impossible for bidders to pay full price, yet doesn't require sellers to discount their items. Penny20.com auctions are truly about market forces and skill, not blind chance."
In mid 2010 Penny20 partnered with Minneapolis-based Subjex Corporation to develop its model and to utilize Subjex' Artificial Intelligence software libraries. The company has kicked off its marketing campaign reaching 6,000 online businesses per day who have registered with Subjex' search engine.
About Penny20, Inc.
Penny20 is a private Nevada corporation and auction model that allows the public to sell their own items for full retail, gives large discounts to bidders, and is designed to have the highest bid-to-win ratio in the industry. Visit http://www.Penny20.com
About Subjex Corporation
Based in Minneapolis, MN, USA, Subjex Corporation is a public artificial intelligence development Company delivering solutions for business and online commerce. For more information visit http://www.subjex.com
This information contains "forward-looking statements'' within the meaning of Section 27A of the Securities Acts of 1933 and Section 21E of the Securities Exchange Act of 1934. Management believes the expectations reflected in such forward-looking statements are reasonable but cannot give assurance such expectations will prove correct.