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Bidz.com Inc. announces repurchase of shares

January 02, 2008

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Online auctioneer Bidz.com announced on Wednesday that it has repurchased 100,000 shares of its common stock at an average price of $8.86 per share, or a total price of $886,000.

Bidz.com Chairman and Chief Executive Officer David Zinberg explained that the company believes in its business model and repurchases stock from time to time. This recent purchase represents 0.4 percent of Bidz.com's estimated 24.6 million outstanding shares.

Under a stock-buyback program authorized in June 2007, it was determined that the company could purchase common stock through the open market at a price approved by management. The cap on the program is $5 million. Bidz.com now has $4.1 million remaining.
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