NEWS..............
Bid.Com's Point2 Internet Systems Subsidiary Forms Strategic Alliance With GE Capital
TORONTO, March 8 /CNW-PRN/ - Bid.Com International Inc. (NASDAQ: BIDS, TSE: BII), a leading international online e-commerce company, today announced that its heavy equipment business-to-business subsidiary, Point2 Internet Systems Inc., and Bid.Com have signed an agreement with General Electric Capital Corporation. GE Capital, the financial services unit of General Electric Company (NYSE: GE), will be a preferred supplier of financing solutions for customers of Point2's website.
"We are pleased to work with GE Capital to create a one stop shop for our customers' heavy equipment purchases," stated Wendell Willick, CEO of Point2 Internet Systems Inc. "GE Capital has the industry expertise to structure and facilitate innovative financing solutions and will have access to our over 40,000 dealer listings as well as sales that originate from our auction website."
Michelle Landis, Vice President E-Commerce, GE Capital Commercial Equipment Financing remarked, "GE Capital views this strategic relationship as an excellent opportunity to partner with a leading online remarketer of heavy equipment and its online auction partner, initially in North America, but potentially on a global basis in the future. We will integrate our financing solutions on Point2's website to provide its customers, the buyers, dealers and manufacturers of heavy equipment, with flexible financing products and structures."
"Strategic alliances with quality companies such as GE Capital will continue to be an important part of our business strategy," added Jeff Lymburner, President and CEO of Bid.Com International Inc. "We see this agreement as a "win-win" situation for both Point2 and GE Capital. We will be able to offer our customers flexible financing alternatives while GE Capital will add a new distribution channel for its financial products and services in the online heavy equipment sector." About Bid.Com International Inc.:
Founded in 1995, Bid.Com offers a comprehensive suite of on-line Dynamic Pricing Solutions for business-to-business and business-to-consumer markets. Bid.Com offers multiple online transaction methods, providing fixed price, traditional auction, real-time declining price (Dutch) auction and reverse auctions (Request for Quotation/Proposal (RFQ/RFP)) all within the same package. Thanks to award-winning modular architecture, the Bid.Com system can be integrated with virtually any business-to-business or consumer-based application. A growing number of major online players have made Bid.Com their online sales partner in sectors such as electronic media, travel, wireless communications, automotive, heavy machinery, arts and culture, and retail. Partners include Research In Motion, Sprint Canada, America Online, Chapters.ca, Rogers New Media, CapGemini, The Art Vault and NBCi through ValueVision Interactive.
Bid.Com has offices in Toronto, Tampa, Dublin, and Melbourne, Australia, and the company's shares trade on both the NASDAQ National Market and the Toronto Stock Exchange (NASDAQ: BIDS, TSE: BII).
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 Bid.Com's ("the Company") 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. please visit www.bid.com
/CONTACT: At The Company: Greg Bewsh, Vice President, Investor Relations, Tel: 905-672-7467 ext. 322, Fax: 905-672-9928, E-mail: investorrelations@bid.com/ |
