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Bid.Com Announces www.dutchauction.com.

TORONTO--(BUSINESS WIRE)--Oct. 28, 1998--Bid.Com International (TSE:BII.) -- Closest thing to live Internet auctions --

Bid.Com International Inc., one of North America's leading online auctions, located at www.bid.com, today announced it has secured the URL www.dutchauction.com.

"We believe that our Dutch Auction is a key point of differentiation in the online marketplace, and by owning www.dutchauction.com we are fortifying our longstanding position within this online auction category," said Paul Godin, CEO and Chairman of Bid.Com. "Our Dutch Auction, in real time, is the closest thing yet to a live online auction. It provides instant gratification in an entertaining forum. And the fact that our Dutch Auction is able to support thousands of simultaneous users, puts it well ahead of all other e-tailing formats."

In a Dutch Auction, a starting price is set and a limited time period is allocated for a given quantity of product to be auctioned (three to five minutes for most Bid.Com items). Participants see real-time price declines and time remaining as the auction progresses. They also see the reduction in the quantity of goods available for sale as purchases are made, and are able to have a real-time interactive dialogue with the auctioneer. As a result, the longer a participant waits, the lower the price. However, if a shopper waits too long, the inventory may be sold out. Consumers know immediately if their bid becomes a successful purchase.

As site traffic has increased, the company has found the Dutch Auction to be more effective in a number of product categories than Top Bid auctions. "We expect that the declining price auction format should capture a meaningful share of the forecast $50+ billion online auction industry by 2002," said Jeff Lymburner, President, Bid.Com. "In particular, we believe that the Dutch Auction will prove to be a superior format for liquidation opportunities and that it will be of special appeal to business-to-business commodity transactions, which is predicted to be the largest segment of the online auction marketplace."

To support its goal of being the technological leader in online auctions, Bid.Com has created an easily integrated, fully Year 2000-compliant system, which has the capability of running many concurrent rising price auctions, falling price auctions and static priced e-commerce transactions imbedded with state-of-the-art bid and search agents. The technology has proven its scalability to many thousands of simultaneous users, its adaptability to multiple countries and currencies, as well as its assembly line operational efficiency, and its plug and play user interface.

Bid.Com also offers its auction for license, either as stand-alone turnkey installation on client servers, or as custom-branded applications from Bid.Com's servers. The Dutch Auction is currently available to U.S.-resident customers of Bid.Com. Dutchauction.com will link to these events on October 29. Canadian customers can expect real-time Dutch Auctions in future as part of Bid.Com's license and services agreement with Rogers Media Inc.

Bid.Com International Inc. (formerly known as Internet Liquidators International Inc.) was founded in 1995 and listed on The Toronto Stock Exchange in February 1998. With offices in Toronto, Ontario and Tampa, Florida, it is one of the Internet's leading online auction sales organizations. The company offers a compelling, entertaining, and cost-effective method of selling a wide array of goods and services over electronic distribution channels. In addition to its strategic alliances with America Online, The Toronto Star Newspapers Limited, and Rogers Media Inc., the company enjoys distribution agreements with Yahoo!, Netscape, Metacrawler, and more recently with ComputerShopper.com, a Ziff-Davis property. Bid.Com is strategically positioned to leverage its technological leadership by offering the pre-eminent online auction platform for license to business-to-business markets and for distribution through broadband/cable media.
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Publication:Business Wire
Date:Oct 28, 1998
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