BIDZ.COM Merger Status Update
REDONDO BEACH, Calif., Nov. 7, 2012 (GLOBE NEWSWIRE) -- As previously
announced, on September 27, 2012, BIDZ.com, Inc. (Nasdaq:BIDZ), a leading
online retailer of jewelry, held its annual meeting of stockholders. At the
annual meeting, each proposal presented at the annual meeting was approved by
the required vote of Bidz.com stockholders, including the adoption of the
merger agreement with Glendon Group, Inc., and therefore each condition to
Glendon Group's obligation to close the merger has been satisfied.
While BIDZ has requested that Glendon Group and Weston Capital Management LLC
and its affiliated fund honor their obligations to fund and close the merger,
as of today Glendon Group had not closed the merger.
BIDZ therefore has filed suit in Delaware requesting expedited proceedings to
compel Glendon Group to specifically perform its obligation to close the
merger and to compel Weston Capital Management LLC and its affiliated fund to
honor their equity commitment and guarantee obligations entered into in
connection with the merger agreement by funding sufficient capital to complete
Notwithstanding the filing of the Delaware lawsuit, BIDZ will continue to work
with Glendon Group and with Weston Capital and its affiliated fund to seek to
close the merger as expeditiously as practicable.
Bidz.com, founded in 1998, is a leading online retailer of jewelry. Bidz
offers its products through a live auction format as well as a fixed price
online retail store, Buyz.com. Bidz also operates Modnique.com, a division of
Bidz.com, a flash sale shopping website, offering authentic premium brand name
merchandise. Modnique offers its members exclusive access to 24-72 hour sales
events on designer apparel, accessories, shoes, and housewares and much more
at price points up to 85% below traditional retail prices.
CONTACT: Bidz.com, Inc.
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