CULVER CITY, Calif., - Bidz.com, Inc. (NASDAQ:BIDZ) announced today that as of August 19, 2008, the Company has repurchased a total of approximately 1.16 million shares of its common stock in the open market for a total of approximately $10 million, at an average price of $8.69 per share. After the Company successfully retires all of the shares it has repurchased to date, the total number of issued and outstanding Company common stock will be approximately 23.4 million.

The Company also said that it 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. Funds for the repurchase of shares are being provided by available cash from operations.

“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,” said David Zinberg, Chief Executive Officer. “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.”

About Bidz.com

Bidz.com, founded in 1998, is an online auctioneer of jewelry. Bidz offers its products through a live auction format. To learn more about Bidz.com visit its website at www.bidz.com.

Posted: 08|20|08 at 6:44 am. Filed under: Auction News.