Bidhit.com Announces 3rd Quarter Results; Company increases site traffic by 160%, retains cash of .25 cents per share.BOTHELL, Wash.--(BUSINESS WIRE)--Nov. 10, 1999-- Bidhit.com Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : BHIT BHIT Bicycle Helmet Initiative Trust (UK) ) a growing online auction company reported financial results today for its third quarter of operations ending Sept. 30, 1999. Revenue for the Quarter generated from sales was $65,989. The net loss from operations for the period was $355,734. The Company remains debt free with $2.8 million in cash reserves Cash reserves See: Cash investments cash reserves Investment funds that are held in short-term assets such as Treasury bills and certificates of deposit until more permanent investment opportunities are available. to achieve its strategic growth objectives. "We anticipated a loss in this quarter as we continue to focus on developing our online presence. These initiatives involve the expenditure of funds in such key areas as marketing, site development and corporate infrastructure," stated Timothy Black, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Bidhit.com. Mr. Black, continued, "In conjunction with Interactive Marketing Inc., we continue to refine and define our space in the online market place as well as the development program we need to execute to be a successful long term player in the industry. I am comfortable with our direction and the progress we continue to make in realizing this goal." Bidhit.com has executed a number of key components of its strategic plan during this last reporting period. Each has contributed to the growth of the Company and assists in laying the foundation for long term success. Traffic Growth Bidhit.com achieved growth in traffic to the site in excess of 160% from Q2 to Q3, culminating in 2.085 million page views in the month of September. This exponential increase in traffic is attributed to the effectiveness of the strategic marketing initiative launched in Q2 of this year. Business Development Quarter 3 was highlighted by the Company's first "special event" auction, The Sammy Sosa Samuel Sosa Peralta (born November 12 1968 in San Pedro de Macorís, Dominican Republic) is a designated hitter for the Texas Rangers of the American League. His Major League career began when he broke in with the Texas Rangers in 1989. Commemorative Auction. The Sosa Auction generated an increase in site traffic of 33% during the event, and led to national media coverage for Bidhit.com. The Company also launched its online Golf Center featuring name brand, off brand and exclusive golf giftware. Bidhit.com has also filed its Form 10 with the SEC to become a fully reporting Company. Fully reporting status is anticipated in the 4th Quarter of this fiscal year. Customer Focus Bidhit.com made significant advancements in its consumer advocacy program. The Company finalized an agreement with VAC (Volts Alternating Current) See volt and AC. Services, the largest extended service plan in the nation. Bidhit.com customers will now have the option of bundling an extended service plan with their purchase thereby providing themselves with an added dimension of security. Bidhit.com was also approved for membership in the Better Business Bureau (BBB BBB A medium grade assigned to a debt obligation by a rating agency to indicate an adequate ability to pay interest and repay principal. However, adverse developments are more likely to impair this ability than would be the case for bonds rated A and above. ) and BBB Online. This initiative reiterates the Company's intention of delivering the highest level of customer service and satisfaction on the Internet. Moving Forward Mr. Black added, "we will continue to focus on executing our Business Plan as it relates to the core areas of our business, those being: marketing, product development, corporate development, site enhancement and customer satisfaction." "We also continue to pursue a number of potential strategic relationships that have the capability to significantly enhance our position in the market place." "We are well funded to carry out our business plan as we move into the New Millenium, and remain debt free." About Interactive Marketing, Inc. Interactive Marketing Inc. is a strategic consulting company Noun 1. consulting company - a firm of experts providing professional advice to an organization for a fee consulting firm business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a that specializes in helping its clients maximize the value of their media assets and creating effective revenue strategies. IMI IMI International Masonry Institute (Washington, DC) IMI Israel Military Industries IMI Institute of the Motor Industry IMI International Market Insight IMI Imposto Municipal Sobre Imóveis (Portugal) has worked with a number of major Internet properties to develop E-commerce strategies and build site revenue and traffic models. IMI works closely with Bidhit.com to assist the company in achieving its overall business goals and objectives. About Bidhit.com Bidhit.com is a fully developed, real time, online auction company with a customer database of over 100,000 registered users. The company is focused on providing quality brand name consumer goods consumer goods Any tangible commodity purchased by households to satisfy their wants and needs. Consumer goods may be durable or nondurable. Durable goods (e.g., autos, furniture, and appliances) have a significant life span, often defined as three years or more, and to distinct and growing customer segments. Bidhit.com has achieved rapid growth by building a solid operational infrastructure and is now leveraging this success to become one of the leading online auction brands on the Internet. About the Online Auction Segment According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Forrester Research, 52% of online business is expected to be transacted via auctions by 2002, (Reported in Business 2.0, June 1999). The success of online auction sites such as eBay,Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :EBAY), uBid,Inc. (NASDAQ:UBID), Onsale Inc. (NASDAQ:ONSL ONSL Old North St. Louis (neighborhood just north of downtown St Louis, MO) ONSL Optical Network Simulation Layer (VPI) ONSL Organization Nationale des Syndicats Libres ) and Bid.Com International (NASDAQ:BIDS), has been well documented. Bidhit.com will be focused on growing its online auction presence in attracting and sharing the enormous audience for online auctions. On Behalf of the Board of Directors, Timothy J. Black, President and CEO Bidhit.com 'Safe Harbor' statement under the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995: This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the company's filings with the Securities and Exchange Commission. |
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