<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
__________________________
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: May 18, 1999
uBID, INC.
----------
(Exact Name of Registrant as Specified in its Charter)
Delaware
--------
(State or Other Jurisdiction of
Incorporation or Organization)
0-25119 33-0775328
------- ----------
(Commission File Number) (I.R.S. Employer
Identification No.)
2525 Busse Road
Elk Grove Village, Illinois 60007
---------------------------------
(Address of Principal Executive Offices) (Zip Code)
(847) 860-5000
--------------
(Registrant's telephone number,
including area code)
<PAGE>
Item 5. Other Events.
The information set forth in the Registrant's news release dated May 18,
1999 is incorporated herein by reference.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
99.1 Text of Press Release dated May 18, 1999.
2
<PAGE>
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
uBID, INC.
Date: May 18, 1999 By: /s/ Thomas E. Werner
-----------------------------
Thomas E. Werner
Chief Financial Officer
(Principal Financial Officer)
<PAGE>
Index to Exhibits
Exhibit Description
- ------- -----------
99.1 Text of Press Release dated May 18, 1999
<PAGE>
EXHIBIT 99.1
[LOGO OF uBID]
________________________________________________________________________________
TIMING SET FOR THE SPIN-OFF OF UBID, INC.
ELK GROVE VILLAGE, IL, May 18, 1999 -- uBid, Inc. (NASDAQ: UBID) today
announced that the board of directors of its parent company, Creative Computers
(NASDAQ: MALL), has declared a distribution to its stockholders of all of the
7,329,883 shares of uBid owned by Creative. The distribution is intended to be
a tax-free spin-off and is payable on June 7, 1999 to Creative stockholders of
record as of May 24, 1999. The number of uBid shares to be distributed for each
share of Creative common stock will be determined based on the number of
Creative shares outstanding on the record date. Based on the number of shares
of Creative common stock currently outstanding, Creative stockholders would
receive approximately 0.7 of a share of uBid common stock for each share of
Creative common stock held on the record date. Completion of the distribution
remains subject to certain conditions set forth in the Separation and
Distribution Agreement previously entered into between Creative and uBid.
"We are very pleased that Creative's board of directors has set a date for
the spin-off to occur," said Greg Jones, CEO of uBid. "We welcome the board's
decision and think this represents a good opportunity to broaden our shareholder
base."
About uBid
uBid is a leading online auction e-commerce site offering merchandise
through live-action bidding using sophisticated auction technology. The
company's Internet auctions feature a rotating selection of brand-name
computers, consumer electronics, housewares, jewelry, gifts and
sports/recreation products.
uBid is committed to providing customers with the highest-quality auction
experience on the Internet and offers supplier warranties on most products.
uBid also meets Better Business Bureau Online standards.
uBid, with headquarters in Illinois, is a publicly traded company (Nasdaq:
UBID) and a majority-owned subsidiary of Creative Computers (Nasdaq: MALL). For
more information, see the company's Web site at www.ubid.com.
NOTE TO EDITORS: All product and company names herein may be trademarks or
registered trademarks of their respective owners.
This news release contains "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. Such forward-looking statements
include management's current view of future events and operations and statements
regarding uBid's views on the occurrence and effect of the spin-off, which are
subject to change. Such statements involve certain risks and uncertainties, and
actual results may differ materially from those discussed in any forward-looking
statement. Additional factors that could cause actual results to differ are
discussed in "Investment Considerations" and other sections of uBid's Quarterly
Report on Form 10-Q for the period ended March 31, 1999, on file with the
Securities and Exchange Commission and in its other periodic reports filed from
time to time with the Commission. (The company does not undertake to publicly
update or revise any of its forward-looking statements even if experience or
future changes show that the indicated results or events will not be realized.)
IR Contact:
Gerald Saltarelli, uBid, Inc.
847/860-5000
[email protected]
Mona Walsh, Ogilvy Public Relations
212/880-5350
[email protected]
Andy Stankiewicz, Ogilvy Public Relations
312/397-6070
[email protected]
