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To: Jim Bishop who wrote (6109)	8/3/1999 9:59:00 AM
From: SSP	Read Replies (1) \| Respond to of 150070

NACT - BOCA RATON, Fla.--(BUSINESS WIRE)--August 3, 1999-- NewAgeCities.com, Inc. (OTC BB:NACT), the conduit between the Internet and the New Age community, announced today that it has signed an agreement to acquire Member Net, Inc., a leading provider of information and services to members of the New Age community. MemberNet owns the Mind Body & Soul Network web site (www.mindbodysoul.com) that currently generates approximately half a million page views a month, has over 60,000 members and thousands of pages of content. The company also owns licenses for web-based email software, a search engine and an Internet guide. In the agreement, Member Net will receive 2.5 millions shares of newagecities.com common stock and warrants to purchase an additional 1 million shares. The agreement will be finalized in the next few weeks. NewAgeCities.com, Inc will merge MindBodySoul.com into NewAgeCities.com to create the largest New Age Web portal on the Internet. The software will provide NewAgeCities.com visitors the opportunity to access topic-specific searches and advanced e-mail capabilities. Visitors will find products that will be integrated into NewAgeCities.com e-commerce software to allow timely and safe credit card transactions for online businesses NewAgeCities.com CEO, Joseph Ardito Jr, stated, "We are very excited about this acquisition. It puts our company a year ahead of schedule in terms of attracting members and generating page views. The software we are acquiring will allow us to further our list of New Age specific features we offer our visitors. This acquisition will help us move closer to our goal of becoming one of the most complete Web portals devoted exclusively to a niche market." "The synergy between our two companies makes this the perfect combination. The products and services available now and in the future at NewAgeCities.com complement those of the Mind Body and Soul Network. Together we can grow larger than we would have individually." stated Andrew Garroni of Member Net, Inc. About NewAgeCities.com, Inc. NewAgeCities.com, Inc, located in Boca Raton, Florida is implementing a Web portal (www.newagecities.com) designed for the over 40 million members of the New Age community as well as those interested in joining. The Company offers extensive education, information, interaction as well as a rich array of products and services through its Web portal and other related sites. This press release contains "forward looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks and uncertainties or other factors, which may cause actual results , performance or achievements expressed or implied by such forward-looking statements to vary from those predicted or implied in this release. Factors that might cause such a difference include, without limitation, decline in demand for the company's products or services, and the effect of general economic conditions and factors affecting the Internet auction industries. --30--vt/mi* nmb CONTACT: Virtual Financial Holdings, Inc., Pompano Beach, Fla. James Warner, 561/994-1094