BUSINESS FINANCIAL NETWORK, INC.
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, Inc.
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.