BIDZ.COM Merger Status Update
October 16 2012 - 7:00AM
As previously announced, on September 27, 2012, BIDZ.com, Inc.
(Nasdaq:BIDZ), a leading online retailer of jewelry, held its
annual meeting of stockholders. At the annual meeting, each
proposal presented at the annual meeting was approved by the
required vote of Bidz.com stockholders, including the adoption of
the merger agreement with Glendon Group, Inc. As previously
announced, each condition to Glendon Group's obligation to close
the merger has been satisfied.
On October 11, 2012, BIDZ announced that it had agreed to
provide Glendon Group until the close of business on October 15,
2012 to close the merger.
As of the close of business on October 15, 2012, Glendon Group
has not closed the merger. BIDZ has notified Weston Capital
Management LLC and its affiliated fund of Glendon Group's failure
to close the merger and requested that Weston Capital and its
affiliated fund honor their joint and several equity commitment and
guarantee obligations entered into in connection with the merger
agreement by funding sufficient capital to complete the merger.
The Company intends to work cooperatively with Glendon Group and
with Weston Capital and its affiliated fund to seek to close the
merger as expeditiously as reasonably practicable.
About Bidz.com
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.
CONTACT: Bidz.com, Inc.
Tawnia Suggs
Investor Relations
tsuggs@bidz.com
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