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Non-Tech : Starnet (SNMM)Online gaming, sexsites, lottery, Sportsbook
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To: Gator who wrote (327)6/18/1998 4:55:00 PM
From: Jason King  Read Replies (2) of 8858
 
Gator:

Our IR Department has brought your posting to my attention. Thanks to whoever phoned IR and inquired further to the posting.

Richard Thiessen had a very early relationship with Starnet. As such, he was granted 300,000 shares, which were held in escrow. Mr. Thiessen is not a Director, Officer or Employee of Starnet - he is now only a shareholder.

Under Section 144 of the Act, such a shareholder may apply to have the (escrow) legend removed on up to one percent of the company's total shares outstanding, regardless of the size of his/her position.

This is a one-time allowance; the balance of the shareholder's position (if it exceeds 1% of the company, I believe) is not free-trading until two years from the date of share issuance.

1% of 22,450,000 = 224,500 shares. Mr. Thiessen seems to have opted for an even 220k.

Gator, we have been able to determine that Mr. Thiessen has indeed been granted this application, and has been recently disposing of these holdings.

This 144 Filing is a standard SEC procedure which is beyond our control.

We don't wish to speculate on what personal financial circumstances necessitate Mr. Thiessen to liquidate his holdings at this time.

Regards,

STARNET COMMUNICATIONS INTERNATIONAL INC.

Jason King
C.O.O.
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