Bid.Com enters used-bulldozer business
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TORONTO (CP) -- Internet auction house Bid.Com International Inc. is issuing stock for a one-quarter interest in Point2 Internet Systems Inc., an online market for used heavy equipment.
"Together, Point2 and Bid.Com intend to establish the pre-eminent site on the Internet catering to manufacturers, dealers and buyers of heavy equipment, providing a full suite of marketing and informational services," Toronto-based Bid.Com announced today.
Jeff Lymburner, president and CEO, said Bid.Com would issue about 200,000 shares -- worth 56 cents each in October, $33.65 in April and about $111/2 now -- valuing the deal at about $2.3 million. Bid.Com has 48.1 million shares outstanding.
The company said it will license its auction and other e-commerce technology to two-year-old Point2, whose site at www.point2.com enables buyers to browse through an extensive inventory of equipment for sale by dealers and private owners.
Said Bid.Com chairman Paul Godin: "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."
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