bidnow.com, inc. Announces That Talks Have Ended With Audio Book Club, Inc. And Quantum Partners, LDC

Business Wire, June 3, 1999

WARMINSTER, Pa.--(BUSINESS WIRE)--June 3, 1999--

bidnow.com, inc. (OTC BB:BIDN), www.bidnow.com originators of the TV/Web auction business, today announced that financing talks have ended with the Audio Book Club, Inc. and Quantum Partners, LDC.

William McLaughlin, CEO stated "We were unable to reach mutually acceptable terms and we needed to proceed with the operation and growth of bidnow.com. We have recently secured $2.2 million in the form of debt that is convertible into common stock at the rate of $9 per share. The debt holders have an option to invest an additional $9.9 million at similar terms."

bidnow.com bridges the worlds of television and the Internet by providing a virtual platform to link auctioneers and bidders. bidnow.com is among the most exciting and innovative new offerings in interactive e-commerce. It combines the speed and convenience of the Internet with the action and entertainment of live auctions.

Interested members of the general public, specialty collectors, auctioneers, product manufacturers and liquidators should contact corporate VPs John Loughlin (jloughlin@bidnowcorp.com) or Michael Ratigan (mratigan @bidnowcorp.com) for more information, or to list products for auction.

This press release contains "forward looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks and uncertainties or other factors, which may cause actual results, performance or achievements expressed or implied by such forward-looking statements to vary from those predicted or implied in this release. Factors that might cause such a difference include, without limitation, decline in demand for the company's products or services, and the effect of general economic conditions and factors affecting the Internet auction industries.