Initiates Coverage on Bidhit.com, Inc.
MADISON, Wis.--(BUSINESS WIRE)--July 14, 1999--Business Financial
Network, Inc. (www.bizfn.com) announced today that the financial
portal company has begun coverage on Bidhit.com, Inc. (OTCBB: BHIT).
Business Financial Network's in-house research report on
Bidhit.com has been released via the Internet on the Ahead of the
Street (http://www.aheadofthestreet.com/) and OTC Investor
(http://www.otcinvestor.com/) web sites. Bidhit.com will be profiled
as the July "Stock of the Month" by Business Financial Network, Inc.
Bidhit.com, Inc. (Formerly Interactive Auction Online) was
founded in February of 1997 to become the premier live on-line
destination specializing in the auctioning of name brand consumer
electronics from manufacturers to consumers. Bidhit has been
conducting on-line auctions for the past 18 months through its auction
site at http://www.bidhit.com/ and has developed a database in excess
of 100,000 registered users. Bidhit.com, Inc., a profitable auction
web site, went public on June 1, 1999 and successfully completed a
financing on June 14, 1999, raising a total of US $3.0 million, plenty
of cash to fuel its aggressive growth plans.
"The on-line interactive auction business is one of the most
revolutionary and exciting businesses being conducted via the
Internet. No previous medium of commerce allows users worldwide to
compete in an open auction from the comfort of their own homes.
Rampant growth in e-commerce will certainly translate to extraordinary
increases in revenue and profits for on-line auction sites, such as
Bidhit.com. Revenues from on-line auctions totaled $9.1 billion in
1998, representing roughly 12 percent of total e-commerce revenue.
According to current projections, the on-line auction business will
gross $151.8 billion in 2002. Clearly, if Bidhit.com can establish
itself as a leader in the on-line auction industry, the company will
flourish," said Ian Wyatt, President of Business Financial Network,
Bidhit.com is aggressively expanding its breadth of products and
forging agreements with online marketing leaders. This week,
Bidhit.com will begin offering sports memorabilia to users through a
partnership with Leisure Time Industries. Bidhit.com also signed an
advertising agreement with DoubleClick Inc. (Nasdaq: DCLK). Under this
agreement, Bidhit will launch an extensive online advertising campaign
in which it will advertise on DoubleClick's Network of premium brand
sites. In early June, Bidhit.com announced the signing of an agreement
with Interactive Marketing Inc. (IMI). IMI will help create, plan and
implement an integrated business and marketing strategy for the
Web-based online auction company.
"Bidhit.com is entering a rapidly developing business and
industry, where the company will have to compete with e-commerce
giants including Amazon.com, Inc. (NASDAQ: AMZN), eBay,Inc. (NASDAQ:
EBAY), uBid,Inc. (NASDAQ:UBID), Onsale Inc. (NASDAQ: ONSL) and Bid.Com
International (NASDAQ: BIDS). The Company is well positioned to gain
market share from these and other e-commerce companies over the coming
months as management carries out its business plan, continues to forge
alliances with on-line marketing partners, and builds upon their
current supply of the highest quality products at great prices," said
Ian Wyatt, President of Business Financial Network, Inc.
For Business Financial Network, Inc.'s research report on
Bidhit.com, Inc., please visit Ahead of the Street
(http://www.aheadofthestreet.com/) or OTC Investor
(http://www.otcinvestor.com/). The research report is entirely free
for viewing and Business Financial Network, Inc. encourages all
investors to sign-up for the free financial newsletters offered at
Business Financial Network, Inc.
Other past and present Business Financial Network profiled
companies include TopClick International Inc. (OTCBB:TOCK), Welcome To
Search Engine Inc. (OTCBB:WKWG), WordCruncher Internet Technologies
Inc. (OTCBB:WCTI), LCS Golf Inc. (OTCBB:LCSG), Ultimate Cigar Company
(OTCBB: ULTC), Global Business Information Directory Inc.
(OTCBB:GBDI), and SportsPrize Entertainment, Inc. (OTC BB: JOCK).
About Business Financial Network, Inc.
Business Financial Network, Inc. owns and operates a family of
financial web sites located at BizFN.com (http://www.bizfn.com/).
Business Financial Network's database of investors, business
professionals, money managers and brokers currently totals 40,000.
Business Financial Network, through its numerous financial web sites
including Ahead of the Street (http://www.aheadofthestreet.com/), OTC
Investor (http://www.otcinvestor.com/), Small Cap Forum
(http://www.smallcapforum.com/), and Stock Conference
(http://www.stockconference.com/) provides investors with daily market
commentary, analysis, company profiles, free investment newsletters,
and in-depth research reports. Business Financial Network also
provides comprehensive on-line investor relations services to small
cap companies seeking to increase investor awareness through the use
of the Internet.
Disclaimer: This news release contains forward-looking statements
as defined by the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include statements concerning plans,
objectives, goals, strategies, future events or performance and
underlying assumptions and other statements, which are other than
statements of historical facts. These statements are subject to
uncertainties and risks including, but not limited to, product and
service demand and acceptance, changes in technology, economic
conditions, the impact of competition and pricing, government
regulation, and other risks defined in this document and in statements
filed from time to time with the Securities and Exchange Commission.
All such forward-looking statements, whether written or oral, and
whether made by or on behalf of the Company are expressly qualified by
these cautionary statements and any other cautionary statements which
may accompany the forward-looking statements. In addition, the Company
disclaims any obligation to update any forward-looking statements to
reflect events or circumstances after the date hereof.
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