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Microcap & Penny Stocks : Bid.com International (BIDS) -- Ignore unavailable to you. Want to Upgrade?

To: RG who wrote (33194)	6/29/1999 9:15:00 AM
From: Victor	Read Replies (2) \| Respond to of 37507

Bid.Com International Announces Joint Venture With Point2 Internet Systems Captures First-Mover Advantage in Heavy Equipment Business-to-Business Market TORONTO, June 29 /CNW/ -- Bid.Com International Inc. (Nasdaq: BIDS; Toronto: BII), one of North America's leading online auction companies, today announced a joint venture with Point2 Internet Systems Inc. Point2 is a leader in the online remarketing of heavy equipment for the mining, construction, forestry, and oil and gas industry sectors. 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. The transaction involves the licensing of Bid.Com's online auction and e-commerce technology to Point2. In addition, Bid.Com will issue common shares in return for a 25% stake in Point2 and will have the option to increase its equity investment in the future. "Our joint venture with Point2 gives us a tremendous competitive advantage in the used heavy equipment market and jump starts our entrance into other business-to-business vertical markets," said Paul Godin, Chairman of Bid.Com. "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." Mr. Godin continued, "We continue to focus our attention on the growing business-to-business market which we believe offers tremendous opportunity for the Company. Forrester Research projects that in the U.S. alone, business-to- business trade of hard goods over the Internet will reach $109 billion in 1999 and will surge to $1.3 trillion by 2003. Bid.Com intends to be an integral part of that market." Wendell Willick, Point2's Chief Executive Officer added, "The Web is an ideal environment to connect the buyers and sellers of heavy equipment. Tremendous opportunities exist for our customers to grow revenues, reach new markets and better serve their customers. The scalability, versatility and compatibility of the Point2 System with Bid.Com's proprietary technology will accelerate the introduction of heavy equipment auctions on our web site. This will add further depth to our suite of services and will create an e-commerce solution that is easily adaptable to additional business-to-business markets." Bid.Com, founded in 1995, is one of the Internet's leading online auction sales organizations, with offices in Toronto and Tampa, Florida. The company offers a compelling, entertaining and cost-effective method of selling a wide array of goods and services over electronic distribution channels. Bid.Com is strategically positioned to leverage its business-to-consumer technological leadership by offering the pre-eminent online auction platform for co-ventures into business-to-business markets, licensing custom branded e-commerce solutions and for distribution through broadband/cable media. The company's shares trade on both the Nasdaq National Market and the Toronto Stock Exchange. Founded two years ago, Point2 Internet Systems is currently the North American leader in the online marketing of heavy equipment. Point2, located at www.point2.com, has established itself as the leading vertical portal in this industry due to its proprietary and innovative Internet-based marketing and inventory management software suite that allows customers to realize significant profits from the global exposure of their equipment. Point2's clients include some of the most prominent heavy equipment dealers in the industry such as: Holt Company of Texas, one of the largest Caterpillar dealerships in the world; RDO Equipment Co., one of the world's largest John Deere dealers with over 60 branches; and Western Power and Equipment, the largest distributor of Case Corporation equipment in the U.S., with over 28 branches.