PHILADELPHIA, Jan. 27, 2003 (PRIMEZONE) -- As a result of financial pressures experienced by the downturn in the technology sector, Bidnow.com, Inc., (Pink Sheets:BDNW) is regaining strength in the marketplace by divesting itself of Gallatin Mortgage Co. and redirecting its efforts to become a profitable mainstream company which will manufacture and sell industrial products and services.
Poised to emerge from near bankruptcy status, Bidnow.com has developed plans for major acquisitions and mergers and will formally announce a move of its corporate headquarters from New Kensington, PA to Philadelphia, PA in a soon-to-be-released letter to its shareholders.
The letter will request approval of a corporate name change that will more accurately reflect the new business operations, and it will inform shareholders that Bidnow has entered into agreements to settle its outstanding liabilities.
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