Nio expands in internet auctions and acquires Bidou.ca in Canada
2013-03-04 06:15:04
Nio Inc. is expanding its business in Internet auctions by acquiring Bidou.ca. The acquisition is in line with the Company's multi-brand strategy, adding a well-established brand and access to the Canadian market to Nio's existing portfolio. Bidou.ca is an internet auction platform similar to Nio's existing Ziinga.com and Wippy.com. The acquisition will give Nio access to Bidou's user base of around 170,000 users, mainly in the Canadian market. Ziinga.com already has about 22,000 users in Canada. Bidou generated CAD 1.3 million in sales in 2012 with a negative operating results of CAD 0.1 million. Nio will transfer Bidou.ca to its own internet auction platform, and move Bidou's operations to Manila, expecting significant reductions in overall costs going forward. No employees, lease commitments or other liabilities will be part of the transaction. Bidou.ca is owned by Les Enchères Bidou Inc., a company incorporated in Quebec, Canada. Upon closing of the transaction, Nio will issue 1 million new Nio shares as consideration for all shares in Les Enchères Bidou Inc. The number of outstanding shares in Nio after the transaction will be 150,924,309. The agreement is subject to due diligence. The acquisition is expected to be completed in March 2013. Attached is a detailed stock exchange announcement as required by the Oslo Stock Exchange. For more information, please contact: Brian Palm Svaneeng Mertz, CEO, tel: +45 2390 3300. About Nio Inc. Nio Inc. has two primary business areas; internet auctions and online gaming. Nio owns and operates Internet auction sites which offer a unique and entertaining way to shop on the Internet, and the gaming sites Panda365.com, Lunacasino.com and Lunacasino.dk. Nio Inc. is a US company with more than 150 employees with its headquarter in Oslo, Norway. Nio is listed on the Oslo Stock Exchange (ticker: NIO). The information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.