Business Financial Network, Inc. Initiates Coverage on Bidhit.com, Inc.
MADISON, Wis., Jul 14, 1999 (BUSINESS WIRE via COMTEX) -- Business
Financial Network, Inc. (www.bizfn.com) announced today that the
financial portal company has begun coverage on Bidhit.com, Inc. (OTCBB:
BHIT).
Business Financial Network's in-house research report on Bidhit.com has
been released via the Internet on the Ahead of the Street
(http://www.aheadofthestreet.com/) and OTC Investor
(http://www.otcinvestor.com/) web sites. Bidhit.com will be profiled as
the July "Stock of the Month" by Business Financial Network, Inc.
Bidhit.com, Inc. (Formerly Interactive Auction Online) was founded in
February of 1997 to become the premier live on-line destination
specializing in the auctioning of name brand consumer electronics from
manufacturers to consumers. Bidhit has been conducting on-line auctions
for the past 18 months through its auction site at
bidhit.com and has developed a database in excess of
100,000 registered users. Bidhit.com, Inc., a profitable auction web
site, went public on June 1, 1999 and successfully completed a
financing on June 14, 1999, raising a total of US $3.0 million, plenty
of cash to fuel its aggressive growth plans.
"The on-line interactive auction business is one of the most
revolutionary and exciting businesses being conducted via the Internet.
No previous medium of commerce allows users worldwide to compete in an
open auction from the comfort of their own homes. Rampant growth in
e-commerce will certainly translate to extraordinary increases in
revenue and profits for on-line auction sites, such as Bidhit.com.
Revenues from on-line auctions totaled $9.1 billion in 1998,
representing roughly 12 percent of total e-commerce revenue. According
to current projections, the on-line auction business will gross $151.8
billion in 2002. Clearly, if Bidhit.com can establish itself as a
leader in the on-line auction industry, the company will flourish,"
said Ian Wyatt, President of Business Financial Network, Inc.
Bidhit.com is aggressively expanding its breadth of products and
forging agreements with online marketing leaders. This week, Bidhit.com
will begin offering sports memorabilia to users through a partnership
with Leisure Time Industries. Bidhit.com also signed an advertising
agreement with DoubleClick Inc. (Nasdaq: DCLK). Under this agreement,
Bidhit will launch an extensive online advertising campaign in which it
will advertise on DoubleClick's Network of premium brand sites. In
early June, Bidhit.com announced the signing of an agreement with
Interactive Marketing Inc. (IMI). IMI will help create, plan and
implement an integrated business and marketing strategy for the
Web-based online auction company.
"Bidhit.com is entering a rapidly developing business and industry,
where the company will have to compete with e-commerce giants including
Amazon.com, Inc. (NASDAQ: AMZN), eBay,Inc. (NASDAQ: EBAY), uBid,Inc.
(NASDAQ:UBID), Onsale Inc. (NASDAQ: ONSL) and Bid.Com International
(NASDAQ: BIDS). The Company is well positioned to gain market share
from these and other e-commerce companies over the coming months as
management carries out its business plan, continues to forge alliances
with on-line marketing partners, and builds upon their current supply
of the highest quality products at great prices," said Ian Wyatt,
President of Business Financial Network, Inc.
For Business Financial Network, Inc.'s research report on Bidhit.com,
Inc., please visit Ahead of the Street
(http://www.aheadofthestreet.com/) or OTCInvestor
(http://www.otcinvestor.com/). The research report is entirely free for
viewing and Business Financial Network, Inc. encourages all investors
to sign-up for the free financial newsletters offered at Business
Financial Network, Inc.
Other past and present Business Financial Network profiled companies
include TopClick International Inc. (OTCBB:TOCK), Welcome To Search
Engine Inc. (OTCBB:WKWG), WordCruncher Internet Technologies Inc.
(OTCBB:WCTI), LCS Golf Inc. (OTCBB:LCSG), Ultimate Cigar Company
(OTCBB: ULTC), Global Business Information Directory Inc. (OTCBB:GBDI),
and SportsPrize Entertainment, Inc. (OTC BB: JOCK).
About Business Financial Network, Inc.
Business Financial Network, Inc. owns and operates a family of
financial web sites located at BizFN.com (http://www.bizfn.com/).
Business Financial Network's database of investors, business
professionals, money managers and brokers currently totals 40,000.
Business Financial Network, through its numerous financial web sites
including Ahead of the Street (http://www.aheadofthestreet.com/), OTC
Investor (http://www.otcinvestor.com/), Small Cap Forum
(http://www.smallcapforum.com/), and Stock Conference
(http://www.stockconference.com/) provides investors with daily market
commentary, analysis, company profiles, free investment newsletters,
and in-depth research reports. Business Financial Network also provides
comprehensive on-line investor relations services to small cap
companies seeking to increase investor awareness through the use of the
Internet.
Disclaimer: This news release contains forward-looking statements as
defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance and
underlying assumptions and other statements, which are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulation, and other risks defined in this document and in statements
filed from time to time with the Securities and Exchange Commission.
All such forward-looking statements, whether written or oral, and
whether made by or on behalf of the Company are expressly qualified by
these cautionary statements and any other cautionary statements which
may accompany the forward-looking statements. In addition, the Company
disclaims any obligation to update any forward-looking statements to
reflect events or circumstances after the datehereof.
Copyright (C) 1999 Business Wire. All rights reserved.
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CONTACT: Business Financial Network, Inc.
Ian Wyatt, 608/363-1110
Fax: 608/363-1939
E-mail: iwyatt@bizfn.com
WEB PAGE: businesswire.com
GEOGRAPHY: WISCONSIN
INDUSTRY CODE: BANKING
COMPUTERS/ELECTRONICS
COMED
INTERACTIVE/MULTIMEDIA/INTERNET
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