Bidz.com Provides Update On Its Stock Repurchase Program

Jul 1, 2009 (GlobeNewswire via COMTEX) -- BIDZ | Quote | Chart | News | PowerRating -- e> * Approximately 714,000 shares repurchased during the second quarter at an average price of $3.50 * Approximately 2.9 million shares repurchased at a cost of approximately $17.0 million since plan inception at the end of 2007 * Approximately $16.5 million still remaining under authorized plan * Company intends to continue to make additional share repurchases

CULVER CITY, Calif., July 1, 2009 (GLOBE NEWSWIRE) -- Bidz.com, Inc. (Nasdaq:BIDZ) announced that during the second quarter ended June 30, 2009, the Company repurchased approximately 714,000 shares of the Company's outstanding common stock, which represents the allowable limit under the rules for volume limitations and share repurchases, for approximately $2.5 million, at an average price of $3.50. Since the inception of the plan at the end of 2007, the Company has repurchased a total of approximately 2.9 million shares of its outstanding common stock in the open market for a total of approximately $17.0 million, at an average price of $5.85 per share. After the Company retires all of the shares it has repurchased to date, the total number of issued and outstanding Company common stock will be approximately 22.5 million.

The repurchases have been funded from available working capital and the Company has no debt as of June 30, 2009. The Company intends to continue repurchasing shares in the open market under the stock repurchase program. Under its existing repurchase program, the Company has approximately $16.5 million still available for additional share repurchase in open market transactions, subject to market conditions, share price, and other considerations.

"With the price of our stock continuing to trade below what we believe to be a reasonable valuation, our Board of Directors believe that the continued aggressive repurchase of our Company's shares is an excellent use of capital," said, David Zinberg, the Company's Chairman and Chief Executive Officer. "The combination of our liquidity, profitability and our ability to successfully execute our business strategy gives us confidence that the continued repurchase of our shares will help to deliver long-term shareholder value."

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.

This news release was distributed by GlobeNewswire, www.globenewswire.com

SOURCE: Bidz.com, Inc.

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