Internet Law Library Shareholders Sue Southridge and Others
HOUSTON--(BUSINESS WIRE)--Sept. 6, 2001--Internet Law Library Inc. (OTCBB:ELAW)(http://www.interlawlibrary.com), announced today that 26 of its shareholders have filed suit against Southridge Capital Management LLC, Stephen Hicks, Daniel Pickett, Christy Constabile, Thomson Kernaghan & Co., Ltd., TK Holdings Inc. and Mark Valentine in the United States District Court for the Southern District of Texas, Houston Division, Case No. H-01-2895, alleging damages resulting from violations of SEC Sections 9 and 20, the civil RICO statute, Texas securities laws, Texas Business & Commerce Code, fraud and conspiracy. In addition to compensatory damages, the suit seeks exemplary damages, attorney's fees and costs and lawful interest. A jury trial has been demanded. The shareholders are represented by Houston attorney John M. O'Quinn.
Internet Law Library Inc., owns subsidiaries operating Internet sites that provide subscription access to databases used for tracking pending legislation and for performing legal and medical research. They are: National Law Library (http://www.itislaw.com), GoverNet Affairs (http://www.govaffairs.com), Brief Reporter (http://www.briefreporter.com), Compass Data Systems (http://www.compassdata.com), Venco Compliance Inc., (http://www.itisvenco.com) and ITIS Inc. (http://www.itisinc.com).
Except for the historical information contained in this press release, certain statements in this release are forward-looking statements within the meaning of "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance, or achievements of Internet Law Library Inc. and/or its subsidiary companies to be materially different from those expressed or implied by such forward-looking statements. Such factors include: general economic and business conditions; competition; success of operating initiatives; development of capital and operating costs; market conditions; advertising and promotional efforts; adverse publicity; changes in business strategy or development plans; quality of management and other personnel; and government regulations.
CONTACT:
Internet Law Library Inc., Houston
Investor Relations:
Carol Wilson, 281/600-6000 Ext. 605
KEYWORD: TEXAS
BW2043 SEP 06,2001
4:01 PACIFIC
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