Coca-Cola Great Britain and QXL.com plc (LSE: QXL; Nasdaq: QXLC), have teamed up to develop a revolutionary cashless online auction.

From August millions of Coca-Cola consumers will be able to bid for items over the internet, without the need for a credit card, in a fun and exciting online auction provided by Europe's leading online auction site, QXL.com. This initiative will introduce internet auction bidding to a potential audience of millions.

Thousands of cool items and 'money can't buy' experiences will be on offer at the cokeauction.co.uk site which opens for business in late August. Instead of credit cards or real money, the only currency acceptable will be "Coke credits", accumulated by collecting promotional red ringpulls or labels from special Coca-Cola cans or 500ml bottles. This unique currency will enable everyone to bid for items without the need for real money.

Coca-Cola Great Britain Managing Director, Chris Banks said: "We expect this unique online auction to be truly groundbreaking, introducing an exciting concept to a whole new range of people. We have developed this initiative with QXL.com because the internet is now the most popular forum for young people of all ages, all over Britain. Teens love the internet, but typically can't buy things or bid for things because they don't have credit cards. This enables them, and everyone, to buy online and gives us a much more interactive dialogue with our consumers, enabling us to have a closer relationship with them."

Jim Rose, Chief Executive Officer of QXL.com said: "As the most recognised global consumer brand, Coca-Cola is part of people's everyday lives. We are delighted to be working together with this major brand to bring online auctions to existing and new internet users alike. This alliance is a further step in our efforts to partner with major offline brands to continue to weave QXL.com into the fabric of consumers' lives."

According to MMXI Europe, 6.5 million -- almost one in four -- British homes are connected up to the internet with around 10.3 million users spending an average of five hours online every month. Households with children are seeing the biggest increases in internet use.

How Cokeauction Works

Having registered at cokeauction.co.uk , consumers will receive 500 free credits which they will then be able to use to bid for items featured on the auction site when it goes live. They can get further free credits each month during the promotion. The first auction will be held in late August and the auctions will run until December 2000.

To increase their credits in order to bid for bigger, more valuable items, consumers should collect the special ringpulls or specially printed labels from 500ml Coca-Cola bottles. These will be available in stores from the first week in August. The ringpulls or labels should then be sent to a handling house where they will be converted to credits: 10 ringpulls/labels = 1000 credits.

Coca-Cola has tied up with brands such as Sony and Nike to offer desirable items for auction ranging from CDs and games software to WAP phones and MP3 players. Also up for auction will be dream items such as a chance for you and your friends to play the England football team five-a-side in your back garden on Wembley turf, or the chance to see your face and message on the famous Coca-Cola sign in Piccadilly Circus.