Bidhit.com Completes Acquisition of EZbid, Inc.; EZbid.com Ranked as Top 10 Online Auction Company

Business Wire, May 18, 2000

Business Editors/Technology Writers

NEW YORK--(BUSINESS WIRE)--May 18, 2000

Bidhit.com, Inc. (OTCBB:BHIT) (Frankfurt:BHC), a rapidly growing Internet auction and e-commerce company, announced today the completion of the acquisition of EZbid, Inc. (www.ezbid.com), formerly a subsidiary of Systemax Inc. (NYSE:SYX).

In monthly unique visitors, Media Metrix (Forbes Magazine, 12/13/99) ranked EZbid.com as the 8th highest trafficked online auction site. The combined registered users and e-mail addressees of Bidhit.com and EZbid.com total more than 160,000.

Under the terms of the merger agreement, Bidhit.com acquired 100% of the outstanding shares of EZbid in exchange for an aggregate of 5,734,895 newly issued common shares of Bidhit.com, giving the former shareholders of EZbid, an approximate 30.7 percent ownership interest in Bidhit.com immediately following the closing of the transaction (of which Systemax owns 5,391,523 shares representing approximately 28.9% of the outstanding stock of Bidhit.com). Upon completion of the acquisition, Bidhit.com had a total of 18,678,931 issued and outstanding common shares. 573,490 of the shares issued in connection with the acquisition are subject to the terms of an Escrow Agreement and are subject to forfeiture by the former shareholders of EZbid in the event of breaches of the merger agreement. Under the terms of the merger agreement, Systemax and Bidhit.com agreed to cooperate in marketing the EZbid site through existing Systemax channels. Systemax was also given the right to appoint two members to the Bidhit.com Board of Directors.

In announcing the completion of the EZbid acquisition, Tim Black, President and Chief Executive Officer of Bidhit.com, said, "The acquisition significantly expands our user base and our customers will benefit from combining the resources of two of the leading online auctions. We will offer bidders more personalized customer service, improved e-commerce capabilities, extended product warranty protection and educational materials."

Systemax Chairman and Chief Executive Officer, Richard Leeds, commenting on the transaction, said, "Merging Bidhit.com and EZbid should allow the combined entity to better meet customer needs and should generate increased sales and gross margins."

Bidhit.com also pointed out that according to Jupiter Communications (Vision Report, Volume 1, March 7, 2000), online Business to Customer (B2C) auction revenues are expected to increase at an annual rate of 46% per year through 2004, reaching $4.5 billion in annual sales. Jupiter projects that other forms of dynamic pricing, such as group buying, will increase even faster, at 70% per year, reaching $7 billion in 2004. Bidhit.com is focused on growing its online auction presence in both the B2C and Business-to-Business (B2B) markets.

About Bidhit.com, Inc. (OTCBB:BHIT) (FRANKFURT:BHC)

Bidhit.com, Inc. (www.bidhit.com) is an Internet auction and e-commerce company that provides registered users with the opportunity to bid on quality brand name products such as computers and peripherals, camera equipment, sporting goods, household goods, home electronics and sports memorabilia.

Since 1997, Bidhit.com, Inc. has been a pioneer of Internet auctions. It differentiates itself from its competitors by its strong customer care focus. The Company's customer service, certified vendors, extended warranty program, industry leading live help for customers, and easy to use Web site set it apart from other online auction sites. Bidhit.com is a member in good standing of the Better Business Bureau (BBB) and the BBB Online.

Hollinger International (NYSE:HLR), a global newspaper publisher, owns 1.463 million shares of Bidhit.com. Bidhit.com and Hollinger recently announced several projects. These include a pilot project that would develop a Bidhit.com and Chicago Sun-Times co-branded auction site. Hollinger owns the Chicago Sun-Times.

Hollinger will also provide Bidhit.com use of select content published by Hollinger publications for a one-year period, on a non-exclusive basis. Bidhit.com is developing a consumer education section for its Web site and the Hollinger content should add value for Bidhit.com customers.

Bidhit.com will also place $3.1 million in advertising in Hollinger-owned publications. Bidhit.com will use this advertising money to increase awareness of the Bidhit.com brand and specific auction offerings. Hollinger also provides advisory services to Bidhit through the participation of two Hollinger Executives on the Bidhit.com Advisory Boards.

About EZBID

EZbid (www.EZbid.com) was launched in 1998 and is a leader in consumer-based on-line auctions. EZbid has over 135,000 registered who bid on top quality PC's, consumer electronics and other consumer products. EZbid has gained strength through its exclusive/preferred relationship with Systemax, covering customer acquisition programs and quality product sourcing, on-line marketing programs through the Systemax network and catalog/TV advertising. EZbid.com is based in Clearwater, Fla.