Hitsgalore.com, Inc. Completes $10 Million Private Placement
Wednesday, April 21, 1999 03:45 PM
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RANCHO CUCAMONGA, Calif.--(BUSINESS WIRE)--April 21, 1999-- Hitsgalore.com, Inc., (OTC BB:HITT)
announced that the Life Foundation Trust has fulfilled its obligations under the terms of the Letter of Intent
announced last week for a $10 million private placement. The trust will be issued 2 million shares of
Hitsgalore.com common stock that the trust will hold under the terms of a lock-up agreement.
Steve Bradford, Hitsgalore.com CEO noted: "The market has reacted favorably since the investment was
announced on April 16, 1999. At the time the investment was negotiated, the trust was acquiring
Hitsgalore.com stock at virtually no discount from the market value. That market value has now nearly
doubled, and we are confident that the trust is pleased and will favorably consider other significant
transactions with Hitsgalore.com."
The Life Foundation Trust was attracted to Hitsgalore.com as porn-free but profitable Internet search engine
and portal. Hitsgalore.com gives away free lifetime banner placements and banners, generating revenue
from its Keyword Bid & Rank program, banner sponsorship, and Local City Editions featuring local content.
Hitsgalore.com strives to provide porn-free searching and does not accept or encourage any porn or
adult-content listings on its site. The company believes this compares favorably with other Internet portals
and search engine companies in general, such as Lycos, Inc. (Nasdaq:LCOS), Excite, Inc. (Nasdaq:XCIT),
Infoseek Corporation (Nasdaq:SEEK) and Yahoo! Inc. (Nasdaq:YHOO).
Hitsgalore.com also announced that it is very pleased with the results of its recently announced partnership
with DoubleClick Inc. (Nasdaq:DCLK) for online advertising. Since the advertising campaign was begun,
traffic to the website at hitsgalore.com has increased, according to the company's internal counts,
to more than 2 million hits per day. Several other major internet companies, such as America Online
(NYSE:AOL), eBay Inc. (Nasdaq:EBAY), Amazon.com (Nasdaq:AMZN), Network Solutions, Inc.
(Nasdaq:NSOL), CDnow, Inc. (Nasdaq:CDNW) and priceline.com (Nasdaq:PCLN) conducted major
advertising campaigns in order to increase their name awareness and establish themselves as a Web
destination.
Statements in this press 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. Hitsgalore.com, Inc. intends
that such statements about the company's future expectations, including future revenues and earnings, and
all other forward-looking statements are 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 could differ materially from expected results.
CONTACT: Hitsgalore.com, Inc., Rancho Cucamonga
Danny Gavin, Investor Relations
800-300-5388 or investor@hitsgalore.com |
