Friday March 3, 9:16 am Eastern Time
Company Press Release
Frederic R. Lebolt Joins Advisory Board of Bidhit.com
Hollinger Senior Executive Strengthens Future Bidhit.com Development
BOTHELL, Wash.--(BUSINESS WIRE)--March 3, 2000--Bidhit.com Inc. (OTCBB:BHIT
- news), (Frankfurt:BHC),
announced today that Frederic R. Lebolt has joined its Advisory Board.
Mr. Lebolt is currently Vice President of New Media with Hollinger
International Inc. (NYSE:HLR
- news), a global
newspaper publisher.
As Hollinger's Vice President of New Media, Mr.Lebolt is responsible
for operational strategies and development of Hollinger's major North
American Web properties. Prior to his current executive position, Mr.
Lebolt was Vice President of Hollinger Digital, a subsidiary of
Hollinger International Inc., and has over 20 years experience in the
media industry.
Mr. Lebolt has developed programs specific to the Internet since 1996
and has been the driving force behind the Chicago Sun-Times award
winning Internet strategy. His efforts as the Online Publications
Director resulted in the Chicago Sun-Times receiving the 1996 Dvorak
Outstanding Online Newspaper Award. In 1997, he led the team responsible
for the development of Chicago Newspaper Network Online, (http://www.chicago-news.com)
that combined the Web site of the Sun-Times with Web sites of more than
70 Hollinger suburban Chicago papers.
As previously announced on Dec. 6, 1999, Hollinger International Inc.
acquired a minority interest in Bidhit.com.
The Bidhit.com Advisory Board was created to assist senior management
and the Board of Directors in identifying strategic business
opportunities and in fostering future growth.
Mr. Lebolt joins fellow Hollinger executive Mr. Paul Healy and Mr.
Frank Mersch on the Bidhit.com Advisory Board. Mr. Healy has been with
Hollinger International Inc. since 1995 as Vice President, Corporate
Development and Investor Relations. Prior to that, he served as a Vice
President of The Chase Manhattan Bank, N.A., as a corporate finance
specialist in the media and communications sector. Mr. Mersch is an
experienced financier and fund manager and is currently Managing Partner
of Casurina Limited Partnership, a private client investment fund. Prior
to this, Mr. Mersch was a shareholder, director, Vice President and
co-founder of Altamira Management Ltd. While at Altamira, Mr. Mersch
helped build the mutual fund company to an asset base of approximately
$17 Billion.
``This is an important addition to our Advisory Board,'' stated
President and CEO of Bidhit.com, Timothy Black. ``Fred has a wealth of
experience in all aspects of media and effective web strategies,
including the complex relationships inherent with and between on-line
and off-line properties. This appointment further strengthens Bidhit's
partnership with Hollinger International. Paul Healy, who joined the
Advisory Board in January, and Fred Lebolt, both from Hollinger will
play a key role in furthering and strengthening partnership
opportunities and projects involving our respective companies,'' stated
Black.
``Bidhit has a unique model for growth in the online auction
marketplace, and the relationship between Bidhit and Hollinger should
benefit both companies,'' Lebolt said.
About Hollinger International Inc.
Hollinger International Inc. is a New York Stock Exchange-listed
global newspaper publisher, with English-language newspapers in the
United States, UK, Canada and Israel. Included among its 77 paid daily
newspapers are the Chicago Sun-Times, The Daily Telegraph (London), The
Ottawa Citizen, The Jerusalem Post and the National Post (Canada). In
addition, the company owns 302 non-daily newspapers as well as magazines
and other publications.
Hollinger operates Web sites through all its major newspapers.
Through its Hollinger Ventures subsidiary, the company has also taken
investment positions in various Internet-based companies.
About Bidhit.com
Bidhit.com (www.bidhit.com) is a
real-time online auction company which differentiates itself from its
competition by its strong customer care focus. The company provides more
than 100,000 registered users with the opportunity to bid on quality
brand name products in such categories as computers and peripherals,
camera equipment, sporting goods, household goods, home electronics and
sports memorabilia. Bidhit.com continues to grow through expansion of
its solid operational infrastructure, leveraging strategic marketing
relationships and focusing on customer care and protection. The
Bidhit.com experience includes pre-screened vendors, secure credit card
buying, live online customer service, warranty protection and extended
service plans. Bidhit.com will continue to leverage this successful
strategy to reach its goal of becoming one of the leading online auction
brands.
About the Online Auction Segment
According to 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:EBAY
- news), uBid,Inc. (NASDAQ:UBID
- news), Yahoo Auctions
(NASDAQ:YHOO - news),
Amazon Auctions (NASDAQ:AMZN
- news), Onsale Inc. (NASDAQ:EGGS
- news) and Bid.Com
International (NASDAQ:BIDS
- news), 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 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.
Contact:
Park Avenue Capital Corp., 800/953-8711
Email: bhit@parkcap.com
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