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

To: Moneysmith who wrote (2032)	11/27/1998 3:24:00 PM
From: Sans Souci	Respond to of 37507

BID.COM NEWSARTICLE (Nov-26-98): CLOSE UP Bid.Com blossoms under spotlight Latest Internet craze cultivates interest in on-line auctioneer MARK IVANS Technology Reporter The Globe and Mail Paul Godin caught the auction bug 25 years ago in Montreal when he was working part-time for a greenhouse that participated in a weekly sale. "I was so intrigued by the process and how quickly thousands of plants and flow- ers were sold," says the 46-year-old. "Be- fore I could understand what was sold, they were moving on to the next lot." These days, Mr. Godin finds himself in the midst of the auction business again as chairman and CEO of Bid.Com Interna- tional Inc. A big difference, however, is that Bid.Com conducts auctions using the Internet to sell computers and consumer electronics rather than using fast-talking salesmen. After a few years in relative obscurity, Bid.Com -- formerly known as Internet Liquidators International Inc. -- has sud- denly been thrust into the spotlight as in- vestors scramble to get on the electronic commerce and auction bandwagons. One of those investors, although not new, is one the biggest names on the In- ternet: America online Inc of Dulles, Va. "We're an overnight success story after five years, he joked during a recent inter- view. While it's uncertain if Toronto-based Bid.Com can live up to the tremendous amount of hype that surrounds its future, Mr. Godin isn't complaining about the at- tention even if that means spending a lot of time trying to return the 65 voice mes- sages he received one day last week. The attention being lavished on Bid.Com is best illustrated by trading of its shares on the Toronto Stock Exchange. Over the past two weeks, it's been among the volume leaders, highlighted by 11.9 million shares changing hands Nov.19. The stock has also jumped more than fivefold since hitting a 52-week low of 56 cents on Oct.19, rising 19 cents to $2.88 on Tuesday. Bid.Com's profile was also raised after it won three Canadian Information Produc- tivity Awards earlier this month. The lau- rels, Mr. Godin said, gave the company a big vote of confidence and went a long way to improve its credibility with consumers and investors. -- cont'd -- "On-line auctioneer eyes Nasdaq listing" While the interest from investors and industry awards are gratifying, Mr. Godin said they overshadow the new business ventures and deals completed by Bid.Com over the past couple of months. This has included an aggressive co-market- mg agreement with Rogers Com- munications Inc. and a $10-million special warrants offering. The enthusiasm for Bid.Com and the on-line auction business has much to do with the stunning ini- tial public offering of San Jose, Calif.-based Ebay Inc., whose stock has soared to a $196.81 (U.S.) close on Tuesday from $18 since it started trading in September. More than anything, Ebay's suc- cess has galvanized the market's in- terest in electronic commerce and sparked renewed interest in a wide range of companies involved in the business. The new sexiness of on-line auc- tions is what Mr. Godin envisioned in 1993 when he started Bid.Com with Jeff Lymburner in 1993. The Internet had yet to hit the main- stream, but Mr. Godin thought it was the perfect vehicle for auctions. In particular, he was excited about the potential for Dutch, or reverse, auctions. Unlike traditional auctions in which prices increase as the bids are made, in Dutch auctions the price is gradually lowered until it meets a responsive bid and is sold. As a result, people who partici- pate have to be aware of the current price, the number of units left, the time left and how many other bid- ders are involved. It is an ideal me- dium for items such as concert tickets or holiday cruises which have to be sold by a certain time or they lose their value, Mr. Godin said. The offering of Dutch auctions is one way that Bid.Com hopes to dif- ferentiate itself from competitors such as Ebay. The company also hopes its rela- tionships with Rogers Communica- tions, Torstar Corp. and AOL will give it an edge. Rogers and Torstar each owns about 4.7 per cent of Bid.Com while AOL has a 3.1-per-cent stake. Mike Abramsky, president, new media with Rogers Media Inc., said the company's involvement with Bid.Com, which includes extensive co-marketing programs, is based on Bid.Com's foothold in the fertile electronic commerce market. "They have a really good man- agement team, he said. "They have good core technology that's scale- able, robust and pretty sophisti- cated." The next challenges facing Bid.Com is a listing on the Nasdaq Stock Market and raising the corm- pany's profile by hitting the road to meet European and U.S. investors. "I love telling our story," said Mr. Godin, who spent two years as gen- eral manager of Casio Canada Ltd. before starting Bid.Com. "My goal is to have the company profitable by the first half of 1999. We want to be one of the first companies that can not only sell products on the Internet, but can make money.