Compare to almost everything out there BII is still tremendously undervalue. It is a company with great merit of its own - it is NOT just moving up because US Internet stocks are up. If it
were following their lead, it would be well over $20 by now.
Posted below is an article from the INVESTOR'S DIGEST (Canadian), serving over 50,000 subscribers. It is written by Laurel from Bidding on Bay Street, who was promoting this long ago when it was listed on the Vancouver Stock Exchange. This issue of the Digest was available on Thursday.
BID.Com (BII-TSE, $1.74, 905-672-7467) formerly Internet Liquidators, is a case in point. I call it "The Invisible Company" or "EBay For Under $2."
Canada's investment analysts and media have ignored this company even though BII just took top honours at CIPA, Canada's most prestigious technology awards, winning the " 1998 Best of Category Award for Small Business", the 1998 "Award of Excellence" and the overall "1998 Best of Show Award."
That's in competition with IT solutions companies like GE Capital, IBM Canada, Scotiabank, Air Canada, Revenue Canada, ING Canada etc.
BII hosts one of North America's leading on-line auctions with a technology platform and technology tools that are second to none.
Growth in site traffic is exploding and revenues total $13.3 million for the first three quarters. The goal is to reach $25 million in 1998 vs. $1.7 million in 1997 and be profitable by the second quarter in 1999.
BII is unique in the Internet industry, targeting other countries as prospective licensees for its turnkey auction platform. At least one European license is pending and high margin royalties from global sales may soon flow to BII.
The president of Rogers New Media has joined the BII Board in good company with AOL, Torstar and Microsoft Canada.
An exclusive national partnership was announced recently between Rogers Media and BII, one of the biggest E-commerce deals in the country ($6 million value) to set up a co-branded national auction.
Rogers has also taken an equity position in BII. Management expects to sign the first contracts for business-to-business E-commerce soon, a market expected to grow to reach a few trillion dollars by 2002.
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