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Bidz.com repurchases about 1.16 million shares

August 22, 2008

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Culver City, Calif.—Bidz.com Inc., as of Aug. 19, 2008, has repurchased about 1.16 million shares of its common stock in the open market for approximately $10 million, at an average price of $8.69 per share.

After the company successfully retires all the shares it has repurchased to date, the total number of issued and outstanding company common stock will be approximately 23.4 million.

According to Bidz.com, the company will continue to repurchase shares in the open market under the stock-repurchase program. Under this program, approximately $10 million is still available for additional share repurchase at prevailing prices in open market transactions, subject to market conditions, share price and other considerations.

Available cash from operations is providing funds for the repurchase of shares.

"Our continued aggressive repurchase of our company's shares reflects both management and the board's confidence in the strength of our business model and our ability to continue to deliver excellent financial results," Bidz.com Chief Executive Officer David Zinberg said in a media release. "We remain committed to increasing shareholder value, both through driving strong and profitable growth, and through repurchasing our shares when we believe they are undervalued in the market."

Founded in 1998, Bidz.com is an online auctioneer of jewelry, offering its products through a live auction format. For more about the company, visit its Web site, Bidz.com.
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