BIDZ.COM Merger Status Update
07 November 2012 - 3:00PM
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., and therefore each
condition to Glendon Group's obligation to close the merger has
been satisfied.
While BIDZ has requested that Glendon Group and Weston Capital
Management LLC and its affiliated fund honor their obligations to
fund and close the merger, as of today Glendon Group had not closed
the merger.
BIDZ therefore has filed suit in Delaware requesting expedited
proceedings to compel Glendon Group to specifically perform its
obligation to close the merger and to compel Weston Capital
Management LLC and its affiliated fund to honor their equity
commitment and guarantee obligations entered into in connection
with the merger agreement by funding sufficient capital to complete
the merger.
Notwithstanding the filing of the Delaware lawsuit, BIDZ will
continue to work with Glendon Group and with Weston Capital and its
affiliated fund to seek to close the merger as expeditiously as
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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