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

To: Ruyi who wrote (12600)	3/23/1999 3:15:00 PM
From: waldo	Read Replies (2) \| Respond to of 37507

From SH: Miami, Fla., March 23rd /SHfn/ -- Bid.Com International Inc., one of North America's leading online auctions, made an announcement on February 16th that it had filed an application with the Nasdaq Stock Market. With the Nasdaq review process expected to take 45-60 days, that decision could come shortly. "These processes tend to take on a life of their own, we are well into the process at this point." Said Paul Godin, Chairman and CEO of Bid.com, a Toronto-based online auction site that also sells Internet auctioning technology. Currently, with offices in Toronto and Tampa Florida, the company's shares have traded on the Toronto Stock Exchange since February 1998. With the Nasdaq often referred to as the "high-tech" exchange, many new and emerging software and high-tech firms are looking to increase market share, which seems to come naturally for a Nasdaq list company. Godin speaks to three points when speaking of their Nasdaq bid. "In our petition for a Nasdaq listing, we're looking for a broader audience, further analyst coverage and increased valuation for our shareholders." With 90% of their revenues from the US as well as their entire marketing force run out of their Tampa office, the Nasdaq application is seen as a natural business decision. Often, Nasdaq is viewed as the National Football League in terms of exposure and the Canadian exchanges don't have that broad exposure. Many of these Canadian high-tech firms have started to look elsewhere and with Nasdaq's successful track record, the decision becomes an easy one. "Our market presence in the United States and the growth of our business has made listing on Nasdaq a logical next step for Bid.com," said Godin In what seems to be a growing problem for Canadian based high-tech firms doing business outside Canada, Many U.S. investors shy away from a non-U.S. listed stock. Canadians have different listing, liquidity and reporting rules from American listings and often the U.S. investor won't spend the time on a Canadian list stock. Further, unless it's a Canadian list with a solid history of performance, U.S. portfolio managers will not want to spend the time trying to understand Canadian equity rules. "This is a well worn path," says Godin of the exodus of Canadian list firms to an U.S. exchange listing. However, it is expected that the valuation of the TSE shares will be reflected in future gains from a Nasdaq listing. "We're not abandoning the TSE," he added. "We still believe it's a very vibrant exchange and it serves our Canadian shareholders." With the anticipated Nasdaq listing, the company plans on launching a major drive to increase revenue without issuing an IPO that has been the norm for tech stocks listing on Nasdaq. "We will definitely be raising money to build a warchest, much more than $23 million," in reference to Ontario based Descartes Systems Group Inc. which recently listed on Nasdaq. European expansion is something that Bid.com has been actively pursuing and plans on setting up their Ireland headquarters, based out of Dublin in the next 90 days. Godin is the first to admit that the Irish office will be a tremendous step for the firm, "our business development people will be there for the summer and are really looking forward to this expansion." Already, company executives have met with various government agencies in Australia to set the stage for further expansion into Australasia. Perhaps the biggest piece of news to come out of Bid.com is that they will be adding audio and video to the site in the next 4-6 weeks. "We're very excited about the potential of real audio and video and have been working with a production facility in New York to the extent that we have both a comedian and a live auctioneer lined up." Bid.com plans to have a picture in picture format on their website to increase user visit time while also increasing the entertainment value of the site. Another recent development for the site has been the introduction of sound cards, which are increasingly being talked about in the industry. Bid.com currently has a sound card featuring Michael Jordan's final shot in the NBA finals, which turned out to be not just his final shot in the series, but also the final shot of his long illustrious career. Audio cards are expected to be the next big auction item to shake the market. Bid.com shares are currently trading at $8.00, up $1.60 from Friday's close of $6.40. Asked if the sharp rise in value was a reflection of the pending Nasdaq listing, Godin appeared to be in agreement "I think it's anticipation more than anything with people keeping an eye on their calendars." Bid.com is expected to receive a final response from Nasdaq on their application by mid April. W