Bidz.com, Inc. Acquires Approximately $6 Million Lot of Jewelry from Colibri Group Bankruptcy Auction
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Acquired inventory and intellectual property, trademarks and tools of
Krementz, Van Dell, Shiman, Dolan & Bullock, Taylor Avedon, Angelite,
Skal, Skalet, Magical Years, Little Miss Pride, Sideways, Darling
Diamonds, Fingerprint Locket and others
CULVER CITY, Calif., Mar 27, 2009 (BUSINESS WIRE) -- Bidz.com (NASDAQ: BIDZ), a leading online retailer of jewelry, announced
today that it has acquired the inventory, intellectual property,
trademarks and tools of Krementz, Van Dell, Shiman, Dolan & Bullock,
Taylor Avedon, Angelite, Skal, Skalet, Magical Years, Little Miss Pride,
Sideways, Darling Diamonds, Fingerprint Locket and others, in the
bankruptcy auction of The Colibri Group. Colibri is a leading global
designer, manufacturer and marketer of highly notable and century old
heritage branded jewelry products. In addition to the trademarks and
inventory, Bidz will make the inventory available for both auction and
sale on its Bidz.com and Buyz.com websites. The purchase of these brands
from The Colibri Group represents substantially all of the jewelry
brands manufactured by Colibri that were available for purchase in the
bankruptcy auction.
Many of these well-known brands, such as Krementz since 1866, and
Shiman, which is over a century old, and Dolan & Bullock in business
since 1919, are among the most respected names in jewelry, characterized
by their innovative styling, superior craftsmanship and
unsurpassed quality. Van Dell founded in 1943, manufactures
semi-precious and sterling jewelry, and cultured pearls. The Taylor
Avedon collection of primarily hand-set pyrite, gemstones and sterling
silver draws from classic design and updates them with a modern look.
The Company is in the process of receiving, photographing, and
merchandising the inventory and expects to begin to auction the jewelry
on its website in May. The acquired inventory will be on the company's
balance sheet at the end of the first quarter of 2009. The company
expects to sell the newly acquired inventory primarily through online
auctions on its Bidz.com and Buyz.com website.
"We are extremely pleased to have acquired such a strong assortment of
inventory and the intellectual property for these quality brands," said
David Zinberg, Chief Executive Officer of Bidz.com. "The Colibri Group,
and its portfolio of brands, is a company with global brand recognition
and now we are honored to have the opportunity to revive these iconic
jewelry brands with diverse product offerings at great values.
Purchasing the trademarks and tools to Krementz, Shiman and others will
allow us to continue to provide a broad and beautiful assortment of
quality jewelry to our customers. We are confident and excited to have
the opportunity to acquire and reinvigorate this stable of quality
brands." Mr. Zinberg continued, "Our reputation, knowledge and
credibility in the market place, combined with our solid balance sheet
enables us to take advantage of unique opportunities such as this."
About Bidz.com Bidz.com, founded in 1998, is an online retailer of jewelry. Bidz offers
its products through at live auction format as well as a fixed price
online retail store, Buyz.com. Bidz.com's auctions are also available in
Arabic, German and Spanish. To learn more about Bidz.com visit its
website at www.bidz.com.
Safe Harbor Statement This press release includes forward looking statements about the
Company's estimated revenue and earnings within the meaning of the
Private Securities Litigation Reform Act of 1995. 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. We have based these forward-looking
statements largely on current expectations and projections about future
events and financial trends that we believe may affect the Company's
financial condition, results of operations, business strategy and
financial needs. Risks and uncertainties include that our common stock
is subject to short selling and trading, and prices of our stock may be
volatile; that we are subject to "prank" bidding; that we may face
increasing costs to acquire new customers; the ability of the Company to
attract customers to its website and offer attractive products; 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 forecast
accurately net revenue and plan for expenses; that we do not have a
guaranteed supply of jewelry products and that we have a heavy
concentration of inventory purchase from our top two suppliers; the
ability to protect our intellectual property rights; and potential
litigation and government enforcement actions that may result from our
prior securities offerings. Please refer to Bidz.com's reports and
filings with the Securities and Exchange Commission for a further
discussion of these risks and uncertainties. Readers are cautioned not
to place undue reliance on forward-looking statements, which speak only
as of the date they are made. Bidz.com undertakes no obligation to
update publicly any forward-looking statements to reflect new
information, events or circumstances after the date they were made or to
reflect the occurrence of unanticipated events.
SOURCE: Bidz.com
IR Contact:
Addo Communications, Inc.
Andrew Greenebaum
andrewg@addocommunications.com
Office: 310-476-1183
Copyright Business Wire 2009
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