Channel Velocity & Philips Raise Money for the American Red Cross  Evanston, IL – February 20, 2006 – Local start-up, Channel Velocity announced it has raised over $40,000 from auctioning off NYE Times Square Ball light bulbs on eBay and donating proceeds to the American Red Cross. Channel Velocity provided auction management services for Philips Electronics by sponsoring an eBay auction of the light bulbs used to illuminate the New Year’s Eve Ball above Times Square. All proceeds benefited the Red Cross Disaster Relief Fund. The auctions, part of Philips’ “Next Year is brought to you by Philips” advertising campaign, took take place from Dec. 30, 2005 to Jan. 6, 2006. Consumers placed bids on the Philips branded eBay store managed by Channel Velocity http://stores.ebay.com/Philips-Certified-Auctions. All auctioned bulbs were authenticated with a production number etched in the bulb and were shipped to the winning bidders with an accompanying letter of certification.“New Years is an ideal opportunity for people to pause for a moment and contemplate the upcoming year,” said Paul Zeven, CEO, Philips Electronics North America. “We see this ‘pause’ as an opportunity to help consumers spread goodwill.” Philips had donated a total of $2 million to the Red Cross Disaster Relief Fund in 2005. Channel Velocity had donated their services and expertise to manage the sales on eBay. “This was one more great chance for a growing company like us to help out. We were very pleased that the auctions were so successful. It also goes to show just how generous the American people are” said Wes Shepherd, CEO of Channel Velocity. The first Ball drop took place on December 31, 1907 and that ball weighed 700 pounds and used 100, 25-watt light bulbs. It now contains more than 600 total bulbs. The Ball’s exterior features 168 Philips Halogena Brilliant Crystal bulbs that were engineered to specially enhance the Waterford Crystal plates that cover the surface. This will be the very last year that traditional light bulbs will be used on the world famous Times Square Ball. Beginning in December 2006, Philips will be making the switch from traditional lighting to advanced, environmentally responsible solid-state lighting (SSL). Next year the New Year’s Ball will be lit with solid-state or LED’s, which are more environmentally friendly. Because they light without generating extreme heat, a sustainable technology is created which yields significant energy savings. In addition, LEDs are very robust and can provide dynamic light that can change color from bright to softer pastel shades. LEDs are already being used in automotive lighting, traffic signaling and signage (more information about the Ball can be found at www.newyears.philips.com) About Royal Philips Electronics Royal Philips Electronics of the Netherlands (NYSE: PHG, AEX: PHI) is one of the world’s biggest electronics companies and Europe’s largest, with sales of EUR 30.3 billion in 2004. With activities in the three interlocking domains of healthcare, lifestyle and technology and 161,100 employees in more than 60 countries, it has market leadership positions in medical diagnostic imaging and patient monitoring, color television sets, electric shavers, lighting and silicon system solutions. News from Philips is located at www.philips.com/newscenter. About Channel Velocity Channel Velocity (www.channelvelocity.com) provides solutions to enterprise customers such as Philips, Belkin, and Milwaukee Power Tools who need comprehensive online marketplace management for excess inventory. They specialize in building online outlet stores on eBay. Channel Velocity leads this growing industry through superior software, services, and systems for manufacturers, retailers, and distributors to increase their asset recovery rate. For further information email us at press@channelvelocity.com
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