Tuesday September 21, 8:01 am Eastern Time
Company Press Release
SOURCE: Bid.Com International, Inc.
Bid.Com to Provide Online Auction Services to ValueVision Interactive
Relationship Enhances Newly Realized Television/Internet Convergence
TORONTO and MINNEAPOLIS, Sept. 21 /PRNewswire/ -- Bid.Com International Inc. (Nasdaq: BIDS - news; Toronto: BII - news), one of North America's leading online auction companies, today entered into an exclusive three-year technology services and licensing agreement with ValueVision Interactive Inc. (VVI), the wholly owned e-commerce subsidiary of ValueVision International, Inc. (Nasdaq: VVTV - news).
Under the terms of the agreement, Bid.Com will provide a complete e-commerce solution for VVI's ``Dutch Auction' component of ValueVision Interactive's recently announced ``Snap TV' brand. Bid.Com will also be a partner in several future projects involving television and Internet convergence. In return for VVI's use of Bid.Com's ``Dutch Auction' technology in the U.S., Bid.Com will receive undisclosed fees and percentages of future revenues. The two companies will also jointly develop consumer applications for personalized marketing software using advanced collaborative filtering technologies.
On September 15, 1999, ValueVision International Inc., and NBC Internet (NBCi), to be formed, subject to shareholder and regulatory approval, as a result of the proposed merger of Snap.com, XOOM.com (Nasdaq: XMCM - news) and several Internet assets of NBC, announced strategic commerce initiatives under the brands SnapTV and SnapTV.com. Under the terms of the agreement, ValueVision's home shopping cable television network will be re-branded SnapTV and ValueVision Interactive's companion SnapTV.com Internet shopping service will be launched together with a wide-ranging direct e-commerce strategy.
``We are excited to be a key strategic partner to VVI as it widens the boundaries of online home shopping,' stated Jeff Lymburner, CEO of Bid.Com International Inc. ``As we move towards the convergence of Internet and television, this relationship has the potential to expand our audience by many millions of viewers.'
Cary Deacon, President of ValueVision Interactive, Inc. said: ``The Bid.Com relationship and technologies will afford ValueVision Interactive's SnapTV brand with incredible promotional and transactional capabilities on the Internet that will roll across to our cable television network in the future.'
The companies expect to test and launch this technology in several stages beginning in the fourth quarter of 1999.
``Being selected as a VVI partner is a further example of our technical team's leadership in the interactive field,' continued Lymburner. ``Bid.Com has demonstrated the value of using live Internet auction events to improve the quality of the online shopping experience. This partnership with VVI demonstrates the two companies' belief in the convergence of the Internet and television.'
About ValueVision International Inc.
ValueVision International, Inc. is an integrated electronic direct marketing company operating a television home-shopping network. The Company offers live programming 24 hours per day, 7 days a week broadcasting to approximately 32 million cable homes (as of September 14, 1999).
In July 1999, ValueVision International announced the formation and launch of VVI, a wholly owned e-commerce subsidiary that will launch an internet shopping service featuring online purchasing opportunities of SnapTV merchandise, streaming video of SnapTV's cable channel, short form video representations of products and auctions, together with online e-commerce opportunities offered by SnapTV's merchant partners. VVI is also responsible for pursuing and managing ValueVision's series of new investments and strategic alliances in Internet ventures, working closely with its partners NBC, GE Capital Equity Investments and NBC Internet.
ValueVision International, Inc. and NBC Internet, which will be formed, subject to shareholder and regulatory approval, as a result of the proposed merger of Snap.com, XOOM.com and several Internet assets of NBC, are undertaking strategic commerce initiatives under the brands SnapTV and SnapTV.com. ValueVision's home shopping cable television network will be re- branded SnapTV and a companion SnapTV.com Internet shopping service will be launched together with a wide-ranging direct e-commerce strategy.
The Company's shares are traded on the Nasdaq Stock Market under the symbol VVTV. For additional information on ValueVision please visit the Company's web site at vvtv.com or by fax, at no cost, dial 1-800-PRO-INFO, and enter code VVTV.
About Bid.Com International Inc.
Bid.Com, founded in 1995, is one of e-commerce's leading online auction sales organizations, with offices in Toronto, Ontario, Tampa, Florida and Dublin, Ireland. 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. In addition to strategic alliances with America Online and Rogers New Media, the company has recently announced an alliance with SCS Solars offering discounted travel products to the growing business-to-business market and a joint venture with Point2 Internet Systems providing e-commerce technology and online auction capabilities for the used heavy equipment market. The company's shares trade on both the Nasdaq National Market and the Toronto Stock Exchange.
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 the results of Bid.Com and VVI (the ``companies') to differ materially from expectations. Important factors and risks that could cause results to differ materially from those in any such forward- looking statements include: consumer spending and debt levels; interest rates; competitive pressure on sales and pricing; the maintenance of ValueVision's programming; the possibility that ValueVision's revenues and cable distribution will not continually increase; that e-commerce will not be successful; that other strategic alliances (including the GE Equity and NBC alliance) may not result in increased revenues, earnings or subscribers; that shareholders or regulators will not approve the proposed NBC Internet merger; the risks of infringement of intellectual property rights; reliance on strategic relationships; Bid.Com's ability to further develop its business-to- business and licensing businesses, its ability to develop appropriate strategic alliances and successful development and implementation of technology, acceptance of its products and services, competitive factors, new products and technological changes, and other such risks the companies may identify and discuss from time to time, including those risks disclosed in Bid.Com's amended Form 20-F filed with the Securities and Exchange Commission and risks and uncertainties disclosed in ValueVision International, Inc.'s Annual Report on Form 10-K for the year ended January 31, 1999, quarterly reports on Form 10-Q and current reports on Form 8-K filed with the Securities and Exchange Commission. Accordingly, there is no certainty that the companies' plans will be achieved.
To receive additional information on Bid.Com International Inc. via fax, at no charge, from the U.S dial 1-800-PRO-INFO or from Canada dial 201-432-0955 and enter code BIDS.
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