NEWS:
Sitestar Announces Stock Buyback Plan
Company Will Return Shares to Treasury
ENCINO, Calif.--(BUSINESS WIRE)--Oct. 30, 2000--Sitestar Corp. (OTCBB:SYTE - news), an Internet holding company, today announced that its board of directors has approved a stock buyback plan of up to one million shares of the company's common stock from the open and private markets.
The purchased shares will be returned to the company's treasury. This new buyback would continue the corporate buyback announced in May 2000.
``The result of the stock buyback plan of up to one million shares will be a reduction in the outstanding shares of Sitestar Corporation,'' said Clinton J. Sallee, Sitestar's president and CEO.
``The company is cash flow positive and is growing both internally and by acquisitions. We find the current market price an opportunity to deploy our capital efficiently by buying our own stock. This act is in line with the company's continued efforts to increase shareholder value,'' added Sallee.
About Sitestar Corp.
Sitestar Corp. is a diversified Internet holding company that participates, through its wholly owned Web-based subsidiaries, in emerging segments of the Internet, such as Internet access and e-commerce. To sustain its growth, the company acquires and invests in emerging Internet-related enterprises to create a broad and diverse set of core Internet businesses that deliver a variety of online solutions.
Sitestar's wholly owned subsidiaries include NEOCOM Microspecialists, Sitestar.net, Soccersite.com, Greattools.com and Holland-American.com and has a minority equity investment in Qliq-On Corp. Sitestar corporate headquarters are located at 16133 Ventura Blvd., Suite 635, Encino, Calif. 91436, telephone 818/981-4519 and facsimile 818/981-2658. Additional information is available on the company's Web site at sitestar.com.
Statements regarding financial matters in this news release other than historical facts are ``forward-looking statements,'' within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the company's future expectations, including future revenues and earnings, the anticipated stock dividends and all other forward-looking statements, be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results.
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