August 1999 - Posts

Thursday, August 26, 1999 6:49 PM

Bid.Com International Increases Stake in Point2 Technologies to 51% North America's First Live Used Heavy Equipment Auction Slated for September 8

TORONTO /PRNewswire/ -- Bid.Com International Inc. (Nasdaq: BIDS, Toronto: BII), one of North America's leading online auction companies, today announced that it has increased its equity position in Point2 Technologies Inc. to 51%. Point2 is the leader in the online remarketing of heavy equipment for the construction, mining, forestry, and oil and gas industry sectors. Together, Point2 and Bid.Com have established the pre-eminent business-to-business Internet auction site catering to buyers, dealers and manufacturers of heavy equipment. As a result of this investment, Bid.Com will be in a position to proportionately consolidate the financial results of Point2 Technologies Inc. in future quarters.

"Our joint venture with Point2 gives us a tremendous head start in the online business-to-business market for used heavy equipment," commented Jeff Lymburner, President and CEO of Bid.Com. "With access to more than 41,000 inventory listings worldwide, the market value of available equipment is over $4 billion. In addition, Point2's technical compatibility with Bid.Com's award winning auction platform makes this an excellent investment for Bid.Com and its shareholders."

The first live auction to result from Bid.Com and Point2's joint venture will take place on September 8, 1999 at Point2's website, www.point2.com . Heavy equipment, including loaders, graders and excavators manufactured by Caterpillar, John Deere and Komatsu, among others, will be auctioned off by leading North American equipment dealers. Qualified bidders can pre-register for this event beginning today. The two companies will be conducting heavy equipment auctions over the Internet on an ongoing basis, allowing dealers to add equipment to the auction platform as it becomes available.

"Our investment in Point2 adds further depth to Bid.Com's suite of services and creates an e-commerce solution that is easily adaptable to additional business-to-business markets," added Mr. Lymburner. ``Forrester Research projects that in the U.S. alone, business-to business trade of hard goods over the Internet will reach $109 billion in 1999 and will escalate to $1.3 trillion by 2003. Bid.Com intends to be an integral part of that burgeoning market."

Bid.Com, founded in 1995, is one of e-commerce's leading online auction sales organizations, with offices in Toronto, Tampa, Fla. and Dublin, Ireland. 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. In addition to strategic alliances with America Online and Rogers New Media, the company has recently announced an alliance with SCS Solars offering discounted travel products to the growing business-to-business market. 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. These include, among others, statements about expectations of future revenues and cash flows. Forward-looking statements are subject to risks and uncertainties that may cause the Company's results to differ materially from expectations. These risks include the Company's ability to further develop its business-to-business and licensing businesses, the Company's ability to develop appropriate strategic alliances and successful development and implementation of technology, acceptance of the Company's products and services, competitive factors, new products and technological changes, and other such risks as the Company may identify and discuss from time to time, including those risks disclosed in the Company's amended Form 20-F filed with the Securities and Exchange Commission. Accordingly, there is no certainty that the Company's plans will be achieved.

To receive additional information on Bid.Com International Inc. via fax, at no charge, dial 1-800-PRO-INFO and enter code BIDS.

SOURCE: Bid.Com International Inc.
Posted by scorbett
Filed under: ,