Bidz.com Sells All Intellectual Property and Tools from Colibri Group Bankruptcy Auction to Richline Group, a Berkshire Hathaway Company
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Also Agrees to Buy Future Close-outs from Richline on a Non-Exclusive
Basis
CULVER CITY, Calif., Apr 16, 2009 (BUSINESS WIRE) -- Bidz.com (NASDAQ: BIDZ), a leading online retailer of jewelry, announced
today that it has sold all the 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 that it acquired in the
bankruptcy auction of The Colibri Group to Richline Group, Inc., a
Berkshire Hathaway Company. The Company also agreed in principle to buy
future close-outs from Richline on a non-exclusive basis.
Richline Group, Inc., a wholly-owned subsidiary of Berkshire Hathaway
Inc., is the USA's foremost fine jewelry manufacturer and the largest
importer of gold jewelry. The major brands comprising Richline's
portfolio are Bel-Oro, Michael Anthony, Aurafin, AuraGem, Sardelli, Pace
Designs, Prime Time, Alarama, ALA Casting, Gold Expressions, Town &
Country Jewelry, and Baby Gold. The company manufactures and distributes
precious metal jewelry products that are sold at thousands of outlets
across all key distribution channels. The firm is a major, prime,
worldwide manufacturer in the USA, Italy, India, Israel, Turkey,
Bolivia, China and the Dominican Republic.
"This important transaction with Richline to sell both the intellectual
property and tools from the recent Colibri Group bankruptcy auction, as
well as to buy future closeouts from Richline on a non-exclusive basis,
represents Bidz's continued recognition and growing importance in the
jewelry world," said David Zinberg, Chief Executive Officer of Bidz.com.
"Our increased awareness, stature and financial position allows us to
take advantage of important opportunities such as these. We look forward
to continuing to work with the Richline Group in the coming months and
years ahead."
About Bidz.com Bidz.com, founded in 1998, is a leading 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, 310-829-5400
andrewg@addocommunications.com
Copyright Business Wire 2009
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