FORT WORTH, Texas, Aug. 27, 2001 (PRIMEZONE) -- GimmeaBid.com, Inc. announced today that their registration statement with the Securities and Exchange Commission became effective on Aug. 7, 2001. The Company's CEO, J. Michael Wood, said that the Company would proceed with their Public Offering in spite of current market conditions. GimmeaBid.com will be raising $10.5 million to capitalize the company, fund marketing and further develop their software applications. This Offering is being conducted on a Direct Participation Basis. Prospective investors will be able to purchase shares of this Public Offering directly from the Company without the assistance of a broker or the cost of any commissions. The Company will be offering 1.5 million common shares at $7 per share.
GimmeaBid.com uses the Internet to create a real-time wholesale auction of used automobiles between auto dealerships, both independent and franchised, located across the United States and Canada. The used-auto industry presently represents $361 billion per year. As has happened with many other industries, it is only natural that the Internet will now supply the tools to transform used-vehicle auctions to a more efficient electronic format. GimmeaBid.com provides an electronic platform or venue where auto dealers can trade with other auto dealers across the United States and Canada. This Website will allow dealers to save money and a significant amount of time by reducing or eliminating the expenses of travel and shipping of their vehicles. Sellers will be able to reach a national/international market of buyers for their vehicle as opposed to a market that has always been highly fragmented and limited to a regional basis. GimmeaBid.com is a purely performance-based auction. Dealers are not charged for accessing the site, bidding, or buying. The only time dealers will incur a charge is if they are successfully matched with a buyer. The Company also has approximately 500 shareholders.
Key Management
J. Michael Wood - President
Wood serves as the President and CEO of GimmeaBid.com and has served in that capacity since the inception of GimmeaBid.com in 1999. Prior to his involvement with GimmeaBid.com, Wood was a securities broker most recently with Merrill Lynch. Wood is a graduate of Abilene Christian University.
Charles Wood - Vice-President
Wood is the current Vice-President of GimmeaBid.com and has been since its inception in 1999. Prior to his involvement with Gimmeabid.com, Wood was the owner of two used-auto dealerships in Abilene and Brownwood, Texas. Wood has had approximately 30 years of experience in all aspects of the used-auto industry.
Erik Mettala, PhD. - Chief Technology Advisor
Dr. Mettala has served as the Chief Technical Advisor for GimmeaBid.com since January of 2000. Dr. Mettala was the Associate Dean of Engineering for Research at the University of Texas at Arlington from August 1993 to September of 1995. From 1991 to 1993, he served as Deputed Director of Software and Intelligent Systems Technology Office at the Defense Advanced Research Projects Agency (DARPA) in Arlington, Va. During his tenure at DARPA, he served as a program manager for Software Engineering Environments and Tools, Persistent Object Bases (which supported the development of CORBA), Manufacturing Automation and Design Engineering (which supported the development of Mosaic, S-HTTP, and HTTP-S), and Domain Specific Software Architectures, which supported the development of TCP/IP. During his tenure with the Defense Department, he received top-secret security clearance. Dr. Mettala has received a number of patents as well as being printed in numerous publications. He brings more than 25 years of experience in Information Technology to the Company. Dr. Mettala has an undergraduate degree in marketing and transportation administration from Michigan State University. He has a Master of Science degree in Computer Science and Management System Engineering from Central Texas University, though most of his coursework was completed at the University of California in Los Angeles. Dr. Mettala also earned a Ph.D. in industrial and management systems in conjunction with Computer Science from Penn State University.
Joe Sexton - Sales & Marketing Advisor
Sexton currently serves as the Sales & Marketing Advisor to GimmeaBid.com. He is presently employed by EMC to run software sales for the Western U.S., responsible for an annual budget of $620 million. He has been employed by EMC since 2001. From 2000 to 2001, Ericsson, Inc. employed Sexton, where he created the marketing program for Geobility, an internally developed product. He created and gave presentations for outside investors in order to "spin-off" Geobility from Ericsson. He assisted bringing in outside investors who were willing to invest $35 million in the "spin-off." He also created partnerships with Visa and A. H. Belo, which brought potentially 1.2 million merchants and 33 million consumers to Geobility. Prior to his involvement with Ericsson, Inc., Sexton was the Executive Vice-President of Sales and Marketing for Integrated Concepts, Inc. from 1998 to 2000. From 1987 to 1998, Computer Associates employed Sexton, where he increased regional sales from $20 million to $250 million. He managed 200 sales representatives and technical associates in 9 Southwestern states in 6 offices. He was also responsible for implementing several sales methodologies that became standard throughout the corporation. He consistently finished in the top 3 divisions (out of 16) in new sales, winning large clients such as MCI, Perot Systems, Sabre, Fidelity, and Storage Tech.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission that became effective Aug. 7, 2001. This communication shall not constitute an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such jurisdiction.
For more information or to receive a prospectus, call (800) 996-9959