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Worldbid Board Approves Private Placement and Re-Prices Warrants and Options
FOR IMMEDIATE RELEASE
Victoria, British Columbia, September 14, 2001 - Worldbid Corporation (NASD OTCBB: WBID).
WORLDBID CORPORATION ("Worldbid") announced today that its Board of Directors have approved an Offering on a private placement basis of up to 1,500 Units, with each Unit consisting of one $1,000 USD 15% guaranteed convertible note and 20,000 Series X share purchase warrants.
The convertible notes will be due on September 30, 2004 and will bear interest at 15% per annum payable annually. The notes will be guaranteed by Worldbid's wholly-owned subsidiary Worldbid Canada Corporation (the "Subsidiary") which guarantee will be secured by a general security agreement charging present and future acquired assets of the Subsidiary.
The notes will be convertible into common shares of Worldbid, at the option of the holder, on the basis of the lesser of 50% of the average market price of Worldbid's shares for the 10 day period preceding conversion or $0.05 USD per share.
Worldbid may at its option elect to issue common shares in satisfaction of its interest obligations on the basis of 75% of the average market price of Worldbid's shares for the 10 day period preceding the interest payment date.
Each Series X Share Purchase Warrant will entitle the holder to purchase one common share of Worldbid's common stock on the following basis:
Worldbid's directors also approved a reduction to $0.10 USD per share of the exercise price of all outstanding options under Worldbid's stock option plan.
Worldbid's Board believes that these actions will ensure the continued development of Worldbid's business in the current market, which has hindered the ability of many technology related businesses to obtain equity financing.
Logan Anderson, CEO of Worldbid Corporation, said, "In light of current market and economic conditions, we feel that this is an excellent opportunity for investors and will facilitate the continuing expansion of Worldbid through the coming year."
About Worldbid Corporation
Worldbid Corporation (NASD OTCBB: WBID) is a premiere global network of more than 80 regional and vertical B2B marketplaces providing international exposure and trade lead information to small and medium sized businesses involved in international import and export.
Since its launch in early 1999, Worldbid Corporation has been a consistent innovator. Worldbid.com (http://www.worldbid.com) was amongst the first marketplaces to place a high emphasis on delivering qualified B2B trade lead information directly to the end user via email. Additional services include lead posting [RFQ/RFP] with document storage, an online RFQ (Request for Quote) utility, company showrooms, an international business directory, web-based email and an extensive b2b resource area with links to additional information and service providers.
Worldbid Corporation's disclaimer: This news release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the U.S. Securities Act of 1933 and Section 21E of the U.S. Securities Exchange Act of 1934. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of numerous risks and uncertainties (see the Company's reports filed with the SEC). The Company assumes no obligation to update the information contained in this news release.
For additional information or to request an investor package, please contact:
Logan Anderson, CEO / VP Corporate Finance
Phone (250) 475-2248
Fax (250) 475-2281