July 1999 - Posts

Wednesday, July 07, 1999 6:48 PM

Point2 Technologies Announces Joint Venture with Bid.Com International

SASKATOON, SK - Point2 Technologies Inc., the world leader in providing Internet technology for the heavy equipment industry, has announced a joint venture with Bid.Com International Inc. (Nasdaq: BIDS; Toronto: BII). Bid.Com is one of the Internet's leading online auction sales organizations. Point2 and Bid.Com plan to establish the premiere site on the Internet catering to manufacturers, dealers, and buyers of heavy equipment, providing a full suite of marketing and informational services.

"The Web is an ideal environment to connect the buyers and sellers of heavy equipment. Tremendous opportunities exist for our customers to grow revenues, reach new markets and better serve their customers. The scalability, versatility and compatibility of the Point2 System with Bid.Com's proprietary technology will accelerate the introduction of heavy equipment auctions on our web site. This will add further depth to our suite of services and will create an e-commerce solution that is easily adaptable to additional business-to-business markets,'' said Wendell Willick, Point2's Chief Executive Officer."

"Our joint venture with Point2 gives us a tremendous competitive advantage in the used heavy equipment market and jump starts our entrance into other business-to-business vertical markets,'' said Paul Godin, Chairman of Bid.Com. ``Point2's large subscriber base, 41,000 listings of inventory worth $4 billion and strong industry buyer and seller contacts as well as its technical compatibility with Bid.Com's auction platform make this an excellent partnership."

Founded two years ago, Point2 Technologies is currently the North American leader in the online marketing of heavy equipment. Point2 has established itself as the leading vertical portal in this industry due to its proprietary and innovative Internet-based marketing and inventory management software suite that allows customers to realize significant profits from the global exposure of their equipment.

Point2's clients include some of the most prominent heavy equipment dealers in the industry such as: Holt Company of Texas, one of the largest Caterpillar dealerships in the world; RDO Equipment Co., one of the world's largest John Deere dealers with over 60 branches; Western Power and Equipment, the largest distributor of Case Corporation equipment in the U.S., with over 28 branches; and Hoss Equipment Co., a world-class independent dealership.

The Point2 Heavy Equipment System, located on the Internet at http://www.point2.com, features new and used heavy equipment for sale by dealers of Caterpillar, Case, Gradall, Hitachi, Ingersoll-Rand, John Deere, Komatsu, Kubota, New Holland, Samsung, Terex and many other manufacturers.

Bid.Com, founded in 1995, is one of the Internet's leading online auction sales organizations, with offices in Toronto and Tampa, Florida. The company offers a compelling, entertaining and cost-effective method of selling a wide array of goods and services over electronic distribution channels. Bid.Com is strategically positioned to leverage its business-to-consumer technological leadership by offering the pre-eminent online auction platform for co-ventures into business-to-business markets, licensing custom branded e-commerce solutions and for distribution through broadband/cable media. The company's shares trade on both the Nasdaq National Market and the Toronto Stock Exchange.

This news release may include comments that do not refer strictly to historical results or actions and may be deemed to be forward-looking within the meaning of the Safe Harbor provisions of the U.S. federal securities laws. Forward-looking statements involve risks and uncertainties including successful development and implementation of technology, acceptance of Bid.Com's products and services and any products and services offered jointly by Bid.Com and Point2, competitive factors, new products and technological changes, and other such risks as Bid.Com may identify and discuss from time to time, including those risks disclosed in Bid.Com's amended Form 20-F filed with the Securities and Exchange Commission. Accordingly, there is no certainty that Bid.Com's plans will be achieved.

Bid.Com is a registered trademark of Bid.Com International Inc.

SOURCE: Point2 Technologies Inc.
Posted by scorbett
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