Bidnow Moves Forward in Its Restructuring.

PHILADELPHIA, PA, Jun. 20, 2003 (MARKET WIRE via COMTEX)

Bidnow (OTC: BDNW) has entered into Agreements to satisfy outstanding major creditor obligations left over from the Bidnow auction technology business plan.

Negotiations Regarding an Acquisition of an Auction Company

Please be aware that Bidnow is not doing this acquisition to remain in the auction or Internet auction business. This acquisition will allow Bidnow to spin-off load its Internet auction technology to an established player in the Internet auction space. After the acquisition of this company, Bidnow plans to hold this company for the 18 to 24 months required before a spin-off. The …