Heres a big one:
Hitsgalore.com Expands Board of Directors to Qualify for Nasdaq Listing
April 30, 1999 09:59 AM
RANCHO CUCAMONGA, Ca.--(BUSINESS WIRE)--April 30, 1999-- Hitsgalore.com, Inc., (OTCBB-HITT) today announced that the Board of Directors has been expanded to five, with three of the directors considered independent. The independent directors have also agreed to serve on the Audit and Compensation Committees of the Board. These steps have been taken, in part, so the Company can comply with the Corporate Governance Requirements of the Nasdaq Marketplace Rules and can move the listing process to its completion.
The Company recently announced a $10 million private placement and believes that it meets the financial Listing Requirements for the Nasdaq National Market. All of the rules for Initial Listing, including a minimum Market Capitalization of $75 million, a Public Float of at least 1.1 million shares, a Market Value of Public Float of $20 million and a Minimum Bid Price of $5 per share, can be found on the Nasdaq Stock Market Home Page located at www.nasdaq-amex.com.
With a closing Bid Price on April 29, 1999 of $10.09 and nearly 50 million shares of Common Stock issued and outstanding, the Company has a Market Capitalization of approximately $500 million. With a Public Float of approximately 4 million shares the Market Value of the Public Float is over $40 million.
Steve Bradford, Hitsgalore.com CEO, said: "We are pleased that 60% of the directors are independent and also possess a wealth of talent and practical business experience. We are certain they will carry out their responsibilities as board members in a fair and consistent manner that will enhance shareholder value."
The new independent Directors are Melvyn Price, Jr., who brings over twenty years experience in Information Technology, including 13 years with E.D.S. EDS ; Phillip L. Kaich, with over twenty years experience in real estate development and sales, and financial services, including employee benefit plans; and Daniel M. Grant who, for 19 years has been involved in some of the nation's more prominent construction projects, such as the Getty Museum.
One of the first tasks of the Board will be to ensure that the Company is timely in all of its filing requirements, including the 1st Quarter 1999 Form 10-Q due May 15, 1999. The Company is looking forward to releasing its April 1999 revenues, and it is finalizing the details of a relationship that it hopes to announce early next week.
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. LCOS , Excite, Inc. XCIT , Infoseek Corporation SEEK and Yahoo! Inc. YHOO .
The recent acquisition by Hitsgalore.com of the Internet Division of Solvere, Inc., a company that has previously partnered with such industry leading companies as Microsoft MFST , MCI WCOM , Cisco Systems CSCO , Compaq Computer CPQ , and Hewlett-Packard HWP , provides Hitsgalore.com control over certain proprietary internet technologies that will be launched soon.
Hitsgalore also recently announced a partnership with DoubleClick Inc. DCLK for online advertising. Several other major internet companies, such as America Online AOL , eBay Inc. EBAY , Amazon.com AMZN , Network Solutions, Inc. NSOL , CDnow, Inc. CDNW and priceline.com PCLN conducted major advertising campaigns in order to increase their name awareness and establish themselves as a Web destination.
Included in this release 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, as amended, and as that term is defined in the Private Securities Litigation Reform Act of 1995. Although the company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations reflected in such forward-looking statements will prove to have been correct. The company's actual results could differ materially from those anticipated in the forward-looking statements as a result of certain factors including sales levels, distribution and competition trends and other market factors.
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