CAOL: The Chinese AOL and Internet Lottery Message Board

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Non-Tech : CAOL: The Chinese AOL and Internet Lottery

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To: Khris Smith who wrote (707)	1/20/2000 11:47:00 AM
From: James P	of 720

News: NEW YORK--(BUSINESS WIRE)--Jan. 19, 2000--CathayOnline Inc., (OTCBB:CAOL)(www.cathayonline.com) announced today that the Company is now a reporting issuer under the Securities Act of 1934, and is in compliance with eligibility rules governing the NASD OTC Bulletin Board. Pursuant to a merger with Lazzara Financial Asset Recovery, Inc. (Lazzara), a company reporting under the Exchange Act of 1934, CathayOnline has elected successor issuer status under the Exchange Act. The common stock of CathayOnline Inc. will continue trading on the OTC Bulletin Board (NASD EBB - OTC) under the symbol "CAOL". The 8-K will be available through the SEC's EDGAR system. The initial 8-K, filed on January 19, 2000 will be followed by an amended 8-K, which will contain audited financial data and other details not previously provided.

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