Bid.com announces agreement to raise up to US$6.5 million
TORONTO, May 19 /CNW/ - Bid.Com International Inc. (NASDAQ: BIDS, TSE: BII), a global provider of dynamic pricing solutions, today announced that it has entered into a private placement agreement with the Acqua Wellington Value Fund Ltd. for the sale of up to US$6.5 million in Units. This transaction is subject to regulatory and exchange approvals.
Each Unit, priced in the context of the market, will entitle the Acqua Wellington Value Fund to acquire one common share of Bid.Com International Inc. and 0.40 of a common share purchase warrant. Each whole share purchase warrant can be exercised to acquire one additional common share, and will carry a term of 24 months. Mr. Jeff Lymburner, President and CEO of Bid.Com indicated that "net proceeds of the issue will be used to fund our continuing growth in the business-to-business sector and for general working capital purposes."
The securities comprising the Units will be sold in a private placement and may not be resold in the United States of America or Canada unless registered or an exemption from registration is available. Bid.Com has agreed to use its best efforts to register the common shares and the common shares issuable upon exercise of the warrants with the Securities and Exchange Commission.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any jurisdiction.
About Acqua Wellington:
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Acqua Wellington Value Fund is one of the Acqua Wellington Family of Funds, which targets investment opportunities among mid-cap and small-cap publicly traded companies in domestic and global markets. The Acqua Wellington Value Fund targets U.S. based companies primarily in the technology and health sciences sectors.
About Bid.Com International Inc.:
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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.
Bid.Com has offices in Toronto, Tampa, Dublin, Ireland 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, cash flows, and cash requirements. 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.
05/19/2000
For further information:
At The Company:
Joe Racanelli
Director of Marketing
Tel: (905) 672-7467 ext. 273, Fax: (905) 672-9928
E-mail: jracanelli@bid.com
At BenchMark Porter Novelli:
Stacey Tessis
Tel: (416) 423-6605
E-mail:stessis@bmporternovelli.com
Greg Bewsh
Vice President, Investor Relations
Tel: (905) 672-7467 ext. 322, Fax: (905) 672-9928
Email: investorrelations@bid.com
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