BIDZ.Com Stock to Begin Trading on the OTCQB Market
November 12 2012 - 2:12PM
BIDZ.com, Inc. (the "Company") announced that its stock will begin
trading on the OTC Market's OTCQB marketplace under its ticker
symbol "BIDZ" commencing on November 13, 2012. Investors will be
able to view the Real Time Level II stock quotes for BIDZ at
http://www.otcmarkets.com/stock/BIDZ/quote.
On November 9, 2012, the Company received notification from The
NASDAQ Stock Market stating that the NASDAQ Hearings Panel has
determined to delist the Company's shares of common stock from The
NASDAQ Stock Market, effective at the open of business on Tuesday,
November 13, 2012. The delisting of the Company's common stock is a
result of the Company's failure to regain compliance with the $1
minimum bid price for its common stock for continued listing, and
the failure to comply with NASDAQ listing rules which require the
Company to maintain board and audit committee independence.
The move to the OTC Market's OTCQB marketplace does not change
the Company's reporting obligations with Securities and Exchange
Commission ("SEC") under applicable federal securities laws.
About OTC Markets Group Inc.
OTC Markets Group Inc. (OTCM) operates Open, Transparent and
Connected financial marketplaces for investors to easily trade
almost 10,000 equity and debt securities through the broker of
their choice. OTC Markets Group organizes these securities into
tiered marketplaces to inform investors of opportunities and risks.
OTC Markets Group's data-driven platform enables efficient trading
through any broker at the best possible price and empowers a broad
range of companies to improve the quality and availability of
information for their investors.
About BIDZ.com, Inc.
Bidz.com, founded in 1998, is a leading online retailer of
jewelry. Bidz offers its products through a live auction format as
well as a fixed price online retail store, Buyz.com. Bidz also
operates Modnique.com, a division of Bidz.com, a flash sale
shopping website, offering authentic premium brand name
merchandise. Modnique offers its members exclusive access to 24-72
hour sales events on designer apparel, accessories, shoes, and
housewares and much more at price points up to 85% below
traditional retail prices.
Forward-Looking Statements
This release contains statements made by Bidz that are
forward-looking statements within the meaning of Section 21E of the
Securities Exchange Act of 1934, as amended. All statements other
than statements of historical facts contained in this release,
including statements regarding the Company's future financial
position, business strategy and plans and objectives of management
for future operations, are forward looking statements. The words
"believe," "may," "will," "estimate," "continue," "anticipate,"
"intend," "expect," and similar expressions, as they relate to the
Company, are intended to identify forward looking statements. Bidz
based these forward-looking statements largely on current
expectations and projections about future events and financial
trends that Bidz believes may affect its financial condition,
results of operations, business strategy and financial needs. Risks
and uncertainties include the growth of our business may depend on
our ability to successfully introduce and expand new product
offerings, including those on modnique.com; that the unavailability
of debt financing to fund our operations could adversely affect our
business; that repurchases of our common stock may not prove to be
the best use of our cash resources; that we may be at risk to
accurately report financial results or detect fraud if we fail to
maintain an effective system of internal controls; that our branded
inventory may be vulnerable to complaints or claims of infringement
on intellectual property rights; that our common stock is subject
to short selling and trading, and prices of our stock may be
volatile; that we must continue to generate a high volume of
visitor traffic to our website and convert those visitors into
buyers; that we are subject to "prank" bidding; that we may face
increasing costs to acquire new customers; that we anticipate
expanding our international sales activities, causing our business
to become increasingly susceptible to numerous risks that could
affect our profitability; that we do not have a guaranteed supply
of jewelry products, and we have a concentration of inventory
purchases from our top two suppliers; that competition from online
auctioneers and other online companies with greater brand
recognition may adversely affect our sales; that we may be subject
to a tax liability for past sales and our future sales may decrease
if we are required to collect sales and use taxes on the products
we sell; that increases in the cost of precious metals and precious
and semi-precious stones would increase the cost of our jewelry
products; that any failure of our auction and bidding systems
hardware, which is located at a single third-party co-location
facility, or any failure of our fulfillment and administrative
hardware would adversely affect our business and results of
operations; that failure to protect confidential information about
our customers and our network against security breaches could
damage our reputation; that our inventory is vulnerable to damage
or loss caused by fire, flood, earthquakes, theft and similar
events; that increases in credit card processing fees could
increase our costs; that seasonal fluctuations in our net revenue
could cause our quarterly results to fluctuate and cause our
results of operations to be below expectations; that descriptions
of our merchandise are not guarantees and may confuse, mislead or
disappoint our customers; that we may unknowingly be involved in
"conflict" diamond purchases; that we may be subject to regulations
governing the conduct and liability of auctioneers, which could
adversely affect the way in which we conduct our business or
otherwise increase our cost of doing business; that we are subject
to regulations relating to consumer privacy, which could increase
the cost of our doing business; the ability to maintain profit
levels while expanding international sales; the ability to detect
fraud if we fail to maintain an effective system of internal
controls; the ability to maintain our website, electronic data
processing systems, and systems hardware; the ability to protect
our intellectual property rights; and potential litigation and
government enforcement actions. All forward-looking statements are
qualified in their entirety by reference to the factors described
in Part I, Item 1A, "Risk Factors" in Bidz' 2011 Annual Report on
Form 10-K that could cause the actual results of Bidz to differ
materially from those projected in such forward-looking
statements.
CONTACT: Bidz.com, Inc.
Tawnia Suggs
Investor Relations
tsuggs@bidz.com
Bidz.Com, Inc. (MM) (NASDAQ:BIDZ)
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