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Microcap & Penny Stocks : HITSGALORE.COM (HITT) -- Ignore unavailable to you. Want to Upgrade?

To: trader14U who wrote (2650)	7/1/1999 12:40:00 PM
From: bob sims	Read Replies (3) \| Respond to of 7056

Hitsgalore.com Has Filed Amended 10-K's RANCHO CUCAMONGA, Calif.--(BUSINESS WIRE)--July 1, 1999-- Hitsgalore.com, Inc. (OTCBB-HITT) announced that it has amended and refiled its Form 10-K for the years ended December 31, 1997 and 1998. The Annual Reports are being amended to remove the 1996 audit previously performed by Ernst & Young. On May 26, 1999 the Company had filed a previously amended and restated 1997 Annual Report filed by Systems Communications Inc. as requested by the Securities & Exchange Commission. The purpose of the amendment at that time was to adjust the accounting previously given to business rescissions that occurred in 1996 and 1997. Ernst & Young revoked its approval to use its opinion for the 1996 financial statements after the amendment was filed. Because the accounting firm has refused to provide a written explanation to the Company of its revocation, the Company requested guidance from the SEC. At the suggestion of the SEC, the Company is refiling the Annual Reports without a 1996 audit. Moore Stephens Lovelace, P.A. has been engaged to conduct an audit of the Systems Communications Inc. 1996 financial statements, and the Company will again amend its filings upon completion of the audits. Moore Stephens also conducted the 1997 and 1998 audits. Steve Bradford, CEO of Hitsgalore.com, said, "We do not have an explanation for how any events or disclosures made in 1999, involving a Internet company organized less than 12 months ago, could impact the 1996 audit of Systems Communications Inc." Hitsgalore.com will also be filing its Form 10-Q for the period ending June 30, 1999 as soon as practicable. Steve Bradford said, "We continue to deal with clean-up issues arising from the merger and the past. In the meantime, we also continue to run a profitable and growing Internet company." Hitsgalore.com operates a website at hitsgalore.com. The Company projects positive cash flow from its unique business model of giving away free lifetime banner placements and other Portal Services, and generates sales from its sponsorships, Keyword Bid & Rank program and Local City Editions. The Company strives to offer porn-free search results and does not accept or encourage any porn content or links. The Company is redesigning its website and now expects the new Hitsgalore.com Portal Services to be available by July 10, 1999. 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. CONTACT: Hitsgalore.com, Inc., Rancho Cucamonga Danny Gavin, Investor Relations 800/300-5388 investor@hitsgalore.com KEYWORD: CALIFORNIA