Bidville Inc. announced Tuesday it has completed a $2.5 million financing "at a price approximately 50% above the market price of its common stock on the closing date. The financing will be obtained through the issuance of non-voting preferred stock, convertible into shares of the Company's common stock at a price of $.60 per share."

The company also said it experienced significant growth and activity on its website, which it attributes in part to fee increases implemented by eBay in February 2005. Bidville said over the past year, the number of registered users increased over 1,000 percent to almost one million members, and items listed daily on the website have increased over 170 percent. It said the site currently has over three million items listed daily in more than 7,200 categories and through approximately 600 storefronts.

In commenting on the recent financing, Michael Palandro, Bidville President and CEO, said, "Bidville has structured this financing primarily to support the launch of Bidville's next stage of marketing and advertising programs scheduled over the next twelve months. In addition, this funding will reinforce existing projects, continue to develop new opportunities and allow Bidville to stay committed to its loyal community of registered members and shareholders. Along with the proactive and consistent support of our financial partners, we believe increases in the current growth rate, opportunities for continued business development and continued website advancements, will allow the Company's growth and earnings potential to continue to be positively recognized by the marketplace."

http://www.bidville.com