IINN news:
Friday March 31, 8:47 am Eastern Time
Company Press Release
International Internet Receives Initial
Investment of $4,125,000 From Avenel
Financial Group
BOCA RATON, Fla.--(BUSINESS WIRE)--March 31, 2000--International
Internet, Inc. (OTCBB:IINN - news) announced today that it has received an initial investment of $4,125,000 in equity
funding from Charlotte, North Carolina-based Avenel Financial Group (Avenel).
On Tuesday March 21, 2000, International Internet, announced that it had received a commitment letter from Charlotte,
North Carolina-based Avenel Financial Group (Avenel) to provide them with equity funding of between $4,000,000 to
$11,250,000 through the sale of Restricted Common Stock. According to the terms of the commitment letter, the
Company will make available 1,500 Units of its Restricted Common Stock at a price of $7,500 per Unit Each Unit
consists of 20,000 shares of the Company's Restricted Common Stock (the equivalent purchase price of $.375 per
share). Additionally, for every Unit purchased, Avenel will receive a stock purchase warrant to purchase 4,000 shares
of International Internet's restricted Common Stock at a price of $1.50 per share. According to the commitment letter,
Avenel has agreed that the restricted shares will not have any registration rights for the period of one year.
``With Avenel's initial cash investment of $4,125,000 it brings International Internet's cash position to well over
$7,000,000. Unlike many other Internet companies today our organization is well capitalized and we do not carry a
significant burn rate. Currently, with our net tangible assets we meet all minimum requirements for listing on a national
exchange. Upon completion of our audit we anticipate beginning the process for an application to a national exchange.'
Additionally, on March 28, 2000 IINN filed an NT 10-K Notification of Late Filing for a 15-day extension with the
SEC. IINN is currently awaiting information from third parties and requires additional time to complete preparation of a
complete and accurate Form 10-KSB. For additional information please see the filing at www.freeedgar.com .
About Avenel Financial Group:
Avenel Financial Group is a private venture capital group whose recent investments include Summus, the majority
owner of the publicly held High Speed Net Solutions, Inc., Vertical Computer Systems (OTC Bulletin Board:VCSY -
news; thechinabridge.com) and Zebramart.com, Inc. (OTC Bulletin Board: ZMRT - news),
(http://www.zebramart.com), an internet premier luxury club. Mike Pruitt is the Managing Partner of this boutique
Investment Banking firm and can be contacted at (704)341-9856. The Avenel Financial Group is based in Charlotte,
North Carolina.
About International Internet, Inc.:
International Internet, Inc. develops and operates Internet and direct retail marketing companies as well as venture funds
focused on the Internet. The International Internet Group includes wholly owned subsidiaries American Computer
Systems (ACS), StogiesOnline.com, Inc. (www.stogiesonline.com), International Internet E-tail group, Inc. and
International Internet Ventures I LLC and majority owned subsidiaries, Mr. Cigar, Inc., and TheBroadcastWeb.com,
Inc. (www.thebroadcastweb.com),. International Internet also holds minority interests in WowStores.com, Inc.
(NQB:WOWS) (www.wowstores.com), Goldonline International, Inc.(OTC:GDOL - news; www.goldonline.com),
Vertical Computer Systems (OTC:VCSY - news; www.thechinabridge.com), flightserve.com (AMEX:FSW - news;
www.flightserv.com) and eStorefronts.net (OTC:RTTK - news).
Forward-looking statements in this release are made pursuant to the Safe Harbor provisions of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties and actual
results could differ from those discussed. This material was prepared and disseminated by The Hawke Group, Inc.
(``Hawke') for the Company discussed herein, based upon Company-supplied information or other sources believed to
be reliable. Hawke does not guarantee the information for accuracy or to be all-inclusive. This material is information
only and is not an offer or solicitation to buy or sell the securities. Hawke, its affiliates, and/or its officers, directors and
employees may from time to time have a position in these securities. International Internet has retained The Hawke
Group as a Financial Public Relations Consultant. For services rendered between Jan 1, 1999 and December 31, 1999,
The Hawke Group has received 1,250,000 shares of International Internet free- trading common stock. On November
15, 1999 Scott Phillips, an employee of The Hawke Group, was issued 150,000 shares of restricted stock. Hawke will
be paid a total of $40,000 in cash for the period of 15 January, 2000 through August 14, 2000.
Contact:
The Hawke Group, Inc., Fort Lauderdale, Fla.
Brokers:
Scott Phillips, 954-564-7114, or Fax 954-564-9848
Visit our website at www.hawkegroup.com.
or
Investors:
Mandel Consulting, Inc.
Cynthia Mandel, 954-973-3493 or Fax 954-773-3558 |
