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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
PURSUANT to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934
Filing No. 1 for the month of October, 1999
Bid.Com International Inc.
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(Exact name of Registrant)
6725 Airport Road, Suite 201, Mississauga, ON, Canada L4V 1V2
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports
under cover Form 20-F or Form 40-F
Form 20-F X Form 40-F __
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Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes __ No X
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BID.COM INTERNATIONAL INC.
On October 13, 1999, Bid.Com International Inc. (the "Company") announced
that it expects revenue for its third quarter, which ended September 30, 1999,
to be between Cdn$8.25 million and Cdn$8.5 million. The third quarter revenues
are in excess of 30% above second quarter 1999 levels but below the Company's
earlier stated third quarter target of Cdn$12 million. The Company also
announced that it expects full year 1999 revenues to be in excess of Cdn$30
million, instead of Cdn$50 million as previously estimated. The President and
CEO of the Company, Jeff Lymburner explained that during 1999, the Company has
concentrated on building its technology licensing and business-to-business
revenues to supplement its consumer-based business at www.bid.com. It has taken
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the Company more time than originally anticipated to develop and complete
certain business-to-business alliances and licensing opportunities. The Company
believes that the technology licensing and business-to-business model will be
more beneficial to the Company's long term profitability.
The Company currently expects to report results for its third quarter on
November 4, 1999.
This Form 6-K may include comments that do not refer strictly to historical
results or actions and may be deemed to be forward-looking within the meaning of
the Safe Harbor provisions of the U.S. federal securities laws. These include,
among others, statements about expectations of future revenues and
profitability. Forward-looking statements are subject to risks and
uncertainties that may cause the Company's results to differ materially from
expectations. These risks include the Company's ability to further develop its
business-to-business and licensing businesses, the Company's ability to develop
appropriate strategic alliances and successful development and implementation of
technology, acceptance of the Company's products and services, competitive
factors, new products and technological changes, and other such risks as the
Company may identify and discuss from time to time, including those risks
disclosed in the Company's amended Form 20-F filed with the Securities and
Exchange Commission. Accordingly, there is no certainty that the Company's
plans will be achieved.
Exhibit 1. Bid.Com Announces Revenue Expectations for Third Quarter
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SIGNATURES
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, thereunto duly authorized.
BID.COM INTERNATIONAL INC.
Date: October 13 1999 By: /s/Mark Wallace
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Name: Mark Wallace
Title: Executive Vice President and General Counsel
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BID.COM International Inc.
6725 Airport Road, Suite 201
Mississauga, ON L4V 1V2
Tel: 905-672-7467 / Facsimile: 905-672-5705
Website: www.bid.com
(Nasdaq: BIDS, TSE: BII)
FOR IMMEDIATE RELEASE
BID.COM ANNOUNCES REVENUE EXPECTATIONS
FOR THIRD QUARTER
TORONTO, ONTARIO - October 12, 1999 - Bid.Com International Inc. (Nasdaq: BIDS,
TSE: BII), one of North America's leading online auction companies, today
announced that it expects revenue for its third quarter, which ended September
30, 1999, to be between Cdn$8.25 million and Cdn$8.5 million. The third
quarter revenues are in excess of 30% above second quarter 1999 levels but below
the Company's earlier stated third quarter target of Cdn$12 million.
"During 1999, we have concentrated on building our technology licensing and
business-to-business revenues to supplement our consumer-based business at
www.bid.com, said Jeff Lymburner, President and CEO of Bid.Com International
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Inc. While we are very pleased with the growth we have achieved in 1999, it has
taken us more time than originally anticipated to develop and complete certain
business-to-business alliances and licensing opportunities. Accordingly, the
Company is revising its 1999 revenue expectations: the Company currently expects
full year 1999 revenues of in excess of Cdn$30 million, instead of Cdn$50
million as previously estimated. Lymburner continued, while we would like to
meet or exceed our forecasts, we fundamentally believe that the technology
licensing and business-to-business model will be more beneficial to the
Company's long term profitability."
"We remain very excited by the transactions and partnerships that were completed
in the third quarter. The ValueVision Interactive relationship creates
significant opportunities for both companies regarding the convergence of the
Internet and television and the broadening of home shopping. Megawheels.com
takes Bid.Com's technology into the rapidly growing e-commerce market for used
automobiles. We continue to expand the reach of our "powered by Bid.Com" e-
commerce solutions, which includes our patented "Dutch" auction technology and
multiple e-commerce platforms," added Mr. Lymburner.
Bid.Com currently expects to report results for its third quarter, which ended
September 30, 1999, on Thursday, November 4th.
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Bid.Com International Inc.
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About Bid.Com International Inc.
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Bid.Com, founded in 1995, is one of e-commerce's leading online auction sales
organizations, with offices in Toronto, Ontario, Tampa, Florida and Dublin,
Ireland. The company offers a compelling, entertaining and cost-effective
method of selling a wide array of goods and services over electronic
distribution channels. Bid.Com is strategically positioned to leverage its
business-to-consumer technological leadership by offering the pre-eminent online
auction platform for co-ventures into business-to-business markets, licensing
custom branded e-commerce solutions and for distribution through broadband/cable
media. In addition to strategic alliances with NBC through ValueVision
Interactive, America Online and Rogers New Media, the company has recently
announced an alliance with SCS Solars offering discounted travel products to the
growing business-to-business market and a joint venture with Point2 Internet
Systems providing e-commerce technology and online auction capabilities for the
used heavy equipment market. The company's shares trade on both the Nasdaq
National Market and the Toronto Stock Exchange.
This news release may include comments that do not refer strictly to historical
results or actions and may be deemed to be forward-looking within the meaning of
the Safe Harbor provisions of the U.S. federal securities laws. These include,
among others, statements about expectations of future revenues and
profitability. Forward-looking statements are subject to risks and
uncertainties that may cause the Company's results to differ materially from
expectations. These risks include the Company's ability to further develop its
business-to-business and licensing businesses, the Company's ability to develop
appropriate strategic alliances and successful development and implementation of
technology, acceptance of the Company's products and services, competitive
factors, new products and technological changes, and other such risks as the
Company may identify and discuss from time to time, including those risks
disclosed in the Company's amended Form 20-F filed with the Securities and
Exchange Commission. Accordingly, there is no certainty that the Company's
plans will be achieved.
To receive additional information on Bid.Com International Inc. please visit
www.bid.com or via fax, at no charge, From the U.S dial 1-800-PRO-INFO or from
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Canada dial 201-432-0955 and enter code BIDS.
CONTACTS:
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At Bid.Com:
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Greg Bewsh, Vice President, Investor Relations
Tel: (905) 672-7467 ext. 322
Fax: (905) 672-9928
Email: [email protected]
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At FRB for Bid.Com:
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Alison Ziegler - General Info.
Barbara Manley - Analyst Info.
Claudine Cornelis - Media Info.
Tel: (212) 661-8030
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