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

To: luey_bitter who wrote (37424)	8/1/2000 9:20:31 AM
From: Frodo	Respond to of 37507

1: Bid.Com International (BII--TSE) Tuesday, August 1, 2000 $2.79, down 15 cents Bid.Com International Inc. traded as low as $2.73 yesterday. The Toronto-based on-line auctioneer was maintained ''underperform'' by analyst Mark Pavan at Yorkton Securities Inc. The 12- to 18-month target price is $1.50 a share.

To: luey_bitter who wrote (37424)	8/1/2000 9:30:37 AM
From: Frodo	Read Replies (1) \| Respond to of 37507

Financial Post - Tuesday August 1, 2000 By Scott Adams Mystery deal in the works, according to CEO Bid.Com International Inc.'s balance sheet is showing signs of serious cash burn, but the company said yesterday it is not ready to join the ranks of dot-com firms that have gone bust. The Internet auction company disclosed on Thursday that its cash reserves fell to $9.1-million for the second quarter ended June 30. Given that the company's cash at the end of the first quarter was $12.9-million and that it raised $3.1-million in a financing during the second quarter, it looks as if Bid.Com went through about $7-million in the quarter alone. At that rate, the company will soon be out of cash, but Jeff Lymburner, Bid.Com's president and chief executive, said the firm should have no trouble making it through the year. "We're comfortable we have enough cash to get through the year," he said. "There is a great deal I can't discuss which suggests we will be in very healthy shape by that stage." Bid.Com's revenue for the second quarter fell to $3-million, down from $6.3-million in the same quarter last year and $6.6-million in the first quarter this year. The net loss was $7.1-million for the second quarter, compared to $7.8-million in the first quarter. Bid.Com is exiting the consumer auction business, where it was losing millions of dollars competing with the likes of eBay Inc., and entering the business-to-business auction sector, where it has agreements with PricewaterhouseCoopers and GE Capital. Mr. Lymburner said the company completed most of its transition in the second quarter and will be out of consumer auctions by year-end. The cash burn rate will improve by a "significant amount" in coming quarters, he said, adding that Bid.Com has no plans for layoffs and is still expanding. In the quarter, Bid.Com raised $3.1-million through U.S.-based Acqua Wellington Value Fund. It raised $17.1-million last fall. If Bid.Com believes it will run low on cash, it could raise more funds through investors such as Acqua, Mr. Lymburner said. Yesterday Yorkton Securities Inc. kept its "underperform" rating on the stock (BII/TSE), with a bearish target of $1.50. The stock fell 15¢ yesterday to close at $2.79. sadams@nationalpost.com