Global Food Exchange, the largest and most active business-to-business marketplace for the $800 billion global food industry, announced today that it has acquired Gloucester Seafood Display Auction (GSDA) to create a neutral, efficient platform to conduct daily online auctions for fresh seafood.

Founded in 1997, with current annual gross transaction value in excess of $20 million dollars, Gloucester Seafood Display Auction has become the largest daily auction of fresh seafood in North America with annual volume in excess of 20 million pounds. More than 90 percent of fresh fish landed in Gloucester passes across the auction.

Electronic integration of the Gloucester auction into Global Food Exchange will launch late this summer. Once complete, Global Food Exchange will have a separate offering for the daily online Gloucester auction, which will reside alongside the marketplaces for seafood, poultry, produce meat and dairy.

"With a highly efficient and successful fresh fish auction and an experienced management team, GSDA is the most well-respected fresh seafood auction in North America," said Mark Moore, president and cofounder of Global Food Exchange. "GSDA is a natural fit with Global Food Exchange. The company supports efficient communications and trading between food companies, lowers supply chain costs and provides world-class customer service to buyers across North America."

"The combination of Global Food Exchange's technology with our auction provides our employees, buyers and sellers the opportunity to continue the GSDA legacy on a much larger scale," said Larry Ciulla, vice president of Gloucester Seafood Display Auction. "Becoming part of Global Food Exchange's operations expands the buyer group for fresh seafood and should result in better pricing for sellers and fishing vessels, while a clear view of availability, price trends and transaction history will make buyers more informed and more efficient."

As a result of the acquisition, buyers will no longer need to be physically present in Gloucester to participate in the daily auction. Instead, they will be able to purchase fresh seafood online within the same secure environment that they buy other perishable foods such as produce, poultry and meats. For Gloucester sellers and fishing vessels, the online auction will make their catch available to the widest possible audience. To facilitate the online exchange even further, Gloucester will establish a grading service that allows buyers to evaluate the quality of the product.

In addition to its marketplaces, Global Food Exchange provides its users with additional value-added services, including industry news, market pricing and logistical support. Most recently, the company announced that it has an exclusive agreement with LAN Infosystems, Inc. to integrate the Windows version of NetoYield(c), LAN's popular inventory and business management desktop application, with Global Food Exchange's Internet-based trading platform. GlobalFoodExchange also integrates business reporting through Dun & Bradstreet, logistics through leading providers including Aqua-Gulf and news content partnerships with Watt Publishing.

About Global Food Exchange

Global Food Exchange is the largest and most active business-to-business marketplace for the $800 billion global food trade. Founded in 1999, Global Food Exchange is setting the standard for trading and supply chain management in the food industry. Through superior technology and dedicated customer service, Global Food Exchange is bringing the efficiency of e-commerce to the large and fragmented global food industry while preserving and enhancing crucial personal relationships. A full service solution, Global Food Exchange connects buyers and sellers of high-value food products including: poultry, seafood, produce, meat, dairy and other perishable ingredients. For more information call 404.872.4489, or contact our New Bedford, MA office at 508-990-3240 or visit www.GlobalFoodExchange.com.

About Gloucester Seafood Display Auction

The Gloucester Seafood Display Auction was established in 1997 to provide buyers and sellers of fresh seafood an efficient and fair system for transacting business. Since inception, GSDA has attracted buyers and sellers from the New England and Mid-Atlantic states and continues to expand the variety of seafood bought and sold to include farmed fish, scallops, mussels, tuna and all varieties of groundfish.