I copied this from the OTCDIGEST website.....couldn't get the URL, so I just copied and pasted the text (hopefully they won't mind). Just gives some info on ELAW, including some good general info on the market for online legal research:
Internet Law Library, Inc.
(OTC:BB ELAW)
4301 Windfern Rd. Suite 2000
Houston, Texas 77041
281-600-6000
THE COMPANY
The Internet Law Library Inc., (OTC:BB ELAW) through its subsidiary, National Law Library, provides a "virtual" law library through an online service designed to enable legal research to be conducted from home, office, or laptop-anywhere. The Company enables users to access its databases of legal information to conduct legal research quickly, and easily over the Internet, becoming a one-stop shop for legal research.
A proprietary search engine, Litidexù, powers the ELAW www.itislaw.com website and has been designed to be the best of its kind. The Company's goal is to provide case and statutory law online to attorneys and other law researchers, and save them considerable time in the process in return for a monthly service charge. The ELAW site is easy to navigate and the search engine has been developed and continues to be tailored for speed.
ELAW announced yesterday that they have added case law for ten more states to its rapidly expanding web site: Colorado, Illinois, Kansas, Massachusetts, Minnesota, Montana, North Carolina, Oregon, South Carolina, and Virginia. National Law Library currently has case law for 46 states plus Texas and New York statutes, opinions from the federal Second, Fifth, and Eleventh Circuit Courts of Appeals, and opinions of the United States Supreme Court, as well as litigation forms in plain language for the use of its customers.
Other features include searchable access to the U.S. Constitution, Code of Federal Regulations, United States Code, and Texas Attorney General Opinions. "We are pleased to announce these latest additions of the rapidly expanding legal research database," said David Harriman, President of National Law Library. We are only 4 states away from having all U.S. states case law online."
This is a major corporate development that will more equally level the playing field ELAW currently competes on against the likes of Lexis and Westlaw. All 50 states will be online very soon. Another thing we like about ELAW is that all of their services and tools are web-based. This eliminates the considerable expense of developing a mass-market CD-ROM sales distribution strategy. The cost savings associated with marketing web-based services enables the Company to charge subscription fees that are more reasonable and palatable to the mass market. Customers get unlimited Internet access to all ELAW's archives from ANY terminal for about $50 per month.
There is no contract period, and there are no additional charges to print documents. In addition, case law opinions are printed in a format suitable for presentation in court. These ELAW website features, combined with convenient pricing advantages provide the Company with a business poised to gain its fair share of the online legal research market.
THE MARKET OPPORTUNITY
In regards to the market potential, it's quite simple. The market is enormous. In 1998 the market for on-line legal research was $1.7B. In the next two years, industry sources estimate the market will increase to $2.7B. This is a very large market that the Company aims to attack and capture.
Certainly the potential is there for the Company to achieve extremely rapid growth over the same time frame. A mere 5% share of this market obviously creates a potential annual revenue stream in the neighborhood of $135M. What if ELAW captures more? It appears to us all the pieces are falling into place for ELAW to experience significant growth in coming quarters.
There aren't many bigger industries in this country than the legal industry. Interestingly, it appears as though more people outside the industry are benefiting by their interest in it. More and more people are making a more concerted effort to understand case law as natural defense mechanism in seeking to avoid litigation and understand issues pertinent their business circumstances. ELAW's service is designed to help them better understand and limit their risk of liability and simultaneously lower their legal expenses.
Recognizing this growing market segment, ELAW is positioning itself to become one of the premier participants in this industry, and is poised to experience dynamic growth over the next few years.
ELAW plans to continue to build their databases and expand the capabilities of their proprietary Litidexù software. The Company believes it can obtain a big enough piece of this market to grow a very successful business. To achieve this end, the Company recently hired a new leader, David Harriman, a successful legal publishing executive, to lead the charge.
MANAGEMENT
Hunter M. A. Carr, Chairman/CEO
His lifetime experience as a successful entrepreneur, combined with his strong Christian beliefs and ethics, are some of Internet Law Library's most valuable assets. He believes in the Golden Rule and he remains true to his convictions in business dealings. He has worked in software development since 1984, when he founded IT/IS, Inc., a business with close ties to Internet Law Library, Inc.
As the head of Internet Law Library, Mr. Carr oversees all long-range planning, including mergers and acquisitions, as well as all operations.
Mr. Carr is a native Texan and makes his home in Houston.
Malcolm F. McNeill, Chief Financial Officer
Mr. McNeill joined the Company in September 1999. He has over 20 years of diversified experience in financial consulting and management, project and business development management, and Big Eight public accounting. Since 1994, Mr. McNeill has consulted for a number of emerging Houston companies engaged in public and private offerings.
Edward Stevens, Vice President Acquisitions
Mr. Stevens most recently served as President for Software Technology Sales & Integration in Dallas/Ft. Worth with responsibilities that included development of directed sales programs to help specific VARs integrate service sales with traditional network integration and computer equipment sales.
Joe H. Reynolds, Director, Corporate Counsel
Mr. Reynolds is a distinguished trial lawyer who currently serves as National Law Library's General Counsel. Reynolds has served as a court-appointed mediator, arbitrator, referee and master in many state and federal cases.
Robert Sarlay Sr.
Vice President Shareholder Relations
Mr. Sarlay brings to Internet Law Library a wealth of executive and managerial experience. He has served as VP for Operations for JTM Management, a $25 million-per-year revenue owner of apartment complexes in Texas cities. There he revolutionized the company by computerizing its tenant management, payroll, and general ledger systems. He successfully ran a commercial real estate venture in Houston with $27 million in annual revenue. He was also responsible for acquisition, operation, and build-out of large commercial office buildings.
His personal compassion was evident in his success in the medical management field, where he ran nursing home facilities in Dallas and Houston, and across Texas. He served as president of Advanced Care Centers of America in Houston, and helped it become a statewide operation with 13 long-term care facilities, 1000 employees, and annual revenue of $50 billion. There he also was responsible for computerizing the company's systems, and he also initiated quality assurance and employee recognition programs that focused on employee training, empowerment, and involvement.
For three years Mr. Sarlay was president of Magnum Oil Company in Tyler, Texas, having been appointed by the United States Trustee to run a 56-unit convenience store/gas station operation, reinvigorating it to $100 million in annual revenue, enabling it to be merged back in to the parent organization.
David P. Harriman, President of National Law Library
(National Law Library, a subsidiary of Internet Law Library)
David Harriman comes to ELAW from three successful years as founder and CEO of Brief Reporter LLC in Charlottesville, Virginia, which provides a research database for attorneys on the Internet www.briefreporter.com. The site has been named one of the top legal websites by ABA Tech and Lawyers Weekly, and was acquired in November 1999 by Internet Law Library.
For 19 years prior to starting Brief Reporter, Mr. Harriman was with The Michie Company, a leading law publisher that is currently owned by Reed Elsevier and has been renamed Lexis Law Publishing. From 1989 to 1996 he served as its President and Chief Executive Officer. There he was responsible for profit and loss of that $80 million business, providing print and electronic information to the legal profession. He was also responsible for the $40 million LEXIS-NEXIS online services for the small law firm market.
During his tenure with Michie, Mr. Harriman grew revenue from $15 million to $80 million, grew profit to an industry-leading 31 percent ROS, acquired and integrated six publishing businesses, negotiated contracts with more than 20 state governments, and managed an 800-person work force.
Mr. Harriman is a lawyer with a BA from the University of Virginia in 1970 and his JD from the University of Maryland in 1973. He and his family make their home in Crozet, Virginia.
Chuck Dunbar, Vice President in Charge of Sales
Mr. Dunbar brings 20 years' sales management experience to ELAW, Inc., having worked with several companies in different industries, including real estate, construction, and law-related industries. He has built successful sales forces in outside and inside sales, as well as in direct mail venues. He has attended many sales seminars and spoken to groups around the country. Mr. Dunbar received his AAS degree from Kirkwood College in Cedar Rapids, Iowa, in 1973, and makes his home in Houston with his wife Jan, son Drew, and daughter Kim.
INVESTMENT CONSIDERATIONS
Our contention is that ELAW is positioning itself to become a very dynamic force in a rapidly expanding industry. We particularly like it when any company that pursues a reverse merger to become publicly traded on the Bulletin Board makes the effort to incorporate in the State of Delaware. For example, this is extremely important as companies seek to attract a larger following among institutional investors. It is apparent Management understands the issues that are important to attract the right type of investors to join them in their effort to build a successful enterprise.
One of the more noteworthy announcements that occurred quite recently was the appointment of three new people named to the Board of Directors. When you read this announcement I think you'll understand why this Company should be followed very closely and considered very credibly. Please click here to read this recent announcement.
CORPORATE CAPITALIZATION
Common Shares Authorized 30,000,000
Shares Outstanding 24,921,000
Shares Held By Officers & Directors 18,084,000
Estimated Public Float 3,580,000
Net Book Value Per Share $0.138
1999 Earnings Per Share (-$0.03)
Current Assets $1.092,402
Current Liability $1,653,940
Current Shareholders Equity $3,151,346
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