3/7/2000
-The following are a few highlights of
the Systemax merger deal:
- The combined organization would have over 200,000
registered bidders, and an estimated 12 million page views per
month. Estimated combined revenues of more than $5.8
million, based on 1999 figures.
- Following this proposed transaction it is anticipated
that the Bidhit.com icon would be featured on the desktop display for
each PC that is assembled by Systemax. Systemax assembled in excess of
500,000 computers in 1999. Systemax and Bidhit are now positioned to
explore other cooperative and mutually beneficial marketing
opportunities.
- Combination of the companies would create a top 10
online auction company with substantial marketing resources.
Press Releases:
Mar
22, 2000 - Bidhit.com
Appoints IR Firm for European Market
Mar
15, 2000
- Hollinger International Increases Investment
Mar
3, 2000 - Frederic R. Lebolt Joins Advisory
Board of Bidhit.com
Jan
25, 2000 - Bidhit.com
Initiates Linux Development Program
Jan
10, 2000 -
Bidhit.com
Tops 6.1 Million Page Views in December
Dec
9, 1999 -
Bidhit.com
Tops 3.2 Million PageViews in November
Dec
6, 1999 - Hollinger
Acquires Minority Stake in Bidhit.com
====================
Let
me quickly recap some the recent press releases from Bidhit and I think the reasons for
liking this company will become self evident:
Monday August 9, "Bidhit Exceeds
1.6 million Hits In July, Online Auction Site Achieves over 100% Growth"
CEO Timothy Black said, "Last month I stated that our focus was to
achieve exponential growth in our awareness and site traffic."
What the company did was more than double site traffic; these guys do what they
say they are going to do.
Friday September 3,
"Completed Financing Highlights Bidhit's Second Quarter, Debt Free Bidhit Has Strong
$.30 Per Share Cash Position"
Bidhit has all of the elements of a successful Internet company! They are
profitable, have high site traffic, significant financing, strong management and a
commitment to quality. They have over 100,000 registered users which places it in the top
ten of the internet auction sector and , as mentioned above, site traffic is awesome.
Bidhit currently (look for more revenue streams in the future) makes its money
by deriving a commission on the goods sold. They don't have a stockpile of product in
warehouses but instead ship directly from the vendors under contract. This is an extremely
efficient and profitable business model!! |
Tim
Black, President and CEO.
Timothy J. Black founded Interactive Auction Online (IAO) in February of 1997. Prior to
forming IAO, Mr. Black headed the Materials department of Midisoft Corporation (OTCBB:
MIDI) located in Issaquah, Washington. While with Midisoft, Mr. Black's team was
responsible for the procurement, planning, scheduling and implementation of the entire
Midisoft software and hardware product base. Before joining Midisoft, he was a Senior
Purchasing Agent for software giant Attachmate Corporation, located in Bellevue,
Washington. Since the formation of IAO, Mr. Black has
been responsible for the development, planning and execution of all major aspects of the
business, including supplier negotiation, product planning and development, Internet
marketing, and strategic alliance positioning. In May of 1999, IAO changed its name to
Bidhit.com (http://www.Bidhit.com). Bidhit.com is now publicly traded (OTC BB: BHIT), and
has set forth a marketing campaign and expansion plan to become one of the market share
leaders in the online auction industry. Mr. Black has stayed on as President & CEO,
and is overseeing the operations and further growth of the company.
Mr. Black has over 10 years experience in the high tech field, including
over two years in Internet retail auction sales with IAO. In addition, his career has
included extensive working knowledge of computer systems, hardware, software, and consumer
electronics. He is a Certified Purchasing Manager (CPM) and has held a membership with the
National Association of Purchasing Management (NAPM).
Jeffrey Mendenhall, Vice President & Director of Vendor
Relations.
Jeffrey Mendenhall has an extensive career in the Information Technology field,
starting with US West Corporation. As an Information Technology Learning Systems
Coordinator at US West, he supported a 25-employee team of Software Training Brokers. In
1995, Mr. Mendenhall continued his career at Microsoft's global headquarters in Redmond,
Washington. Starting in Microsoft's Internet Technology Group as a Network Engineer, Mr.
Mendenhall advanced to a lead position in Microsoft's worldwide data center. He was
responsible for training and leading a team of System Engineers, while supporting,
testing, consulting, and documenting Microsoft's Intranet software and database
client/server hardware standards.
Subsequently, Mr. Mendenhall consulted for two years as an industry
certified Computer Systems Engineer in Microsoft's Personal Business Systems Training
group. He was solely responsible for six state-of-the-art-training labs, while testing and
auditing of all Microsoft's MOC Courseware before final release. Mr. Mendenhall continued
to consult Microsoft on new technologies and train key employees on the internal
infrastructures and new business practices of the company until joining Bidhit.
Mr. Mendenhall joined Bidhit.com in June of 1999 as Vice President and
Director of Vendor Relations. Bringing his vast knowledge and technical expertise, Mr.
Mendenhall is responsible for strengthening the strategic alliances Bidhit.com has in
place, as well as forging new partnerships and creating new revenue models to help propel
Bidhit.com into an industry leader.
Tom K.T. Cheng, Vice President of Product Development.
Tom Cheng joined Bidhit in August 1999. In this newly created position, Mr. Cheng will be
responsible for the strategic sourcing of products and the development of new merchandise
categories for Bidhit's online auction site.
Mr. Cheng brings with him more then 25 years of experience in all aspects
of retail & distribution of consumer products. He was the exclusive distributor for
several major consumer electronics brands such as Sansui and a/d/s. He has held senior
management positions in prominent consumer electronics corporations and has been involved
in numerous successful start-up ventures.
Most recently Mr. Cheng has concentrated on sourcing and supplying
various consumer products to major " big box " retailers in North America such
as Costco/Price Club, and has sourced and exported consumer products to the Far East and
other parts of the world.
Alan H. Gerson, Company Director.
Alan Gerson has had a long and prestigious career in broadcast television, interactive
cable, Internet advertising and direct marketing, and Internet services. Trained as a
communications attorney, he spent almost nineteen years at NBC, where he was responsible
for Program Standards and Broadcast Administration, as well as for interactive programming
and promotions. He left NBC to become the Executive Vice-President of the Home Shopping
Network, Inc., and President of its Diversified Marketing and Media Services Division.
After leaving HSN in 1994, he formed Gerson and Associates, a private consulting business
specializing in transactional television and interactive marketing. In 1995 he joined
Ticketmaster, Inc., one of his consulting clients, as Senior Vice President, Television
and Business Development. In 1996, Gerson made the move to the Internet business full time
as President, Marketing Products Group for SOFTBANK Interactive Marketing, where he
designed the SOFTBANK Advertising Network and Internet-based direct marketing programs.
After leaving SOFTBANK in 1997, Gerson served as President and CEO of WorldSite Networks,
Inc., an Internet business solutions provider in Beverly Hills, California, under an
executive consulting arrangement.
Gerson is currently the president of, and a principal in, Interactive
Marketing, Inc. IMI is a leading interactive promotional marketing and consulting firm
serving interactive and broadband media clients. IMI offers strategic and tactical
consulting services in a variety of areas including marketing and promotions, electronic
commerce, Internet advertising, and Internet and broadband business development
strategies.
Gerson is a recognized expert in electronic commerce and interactive
marketing and has been a frequent speaker and panelist at Industry seminars and
convocations. He has consulted for some of the world's leading media, interactive
marketing and electronic commerce companies, including Apple Computer, Pro Seiben
Television GmbH, Transactional Media Inc., Ticketmaster Corp., EDS, the Times Mirror
Company, Home Order Television (Germany's first 24 hour a day Home Shopping Network), and
Redgate Communications, Inc.
Interactive Marketing, Inc., Mr. Gerson's company, provides strategic
marketing consulting services to Bidhit under a long-term agreement. |
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