Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : The NEW KANAKARIS: KKRS, The 'MOVIE_SITE?' -- Ignore unavailable to you. Want to Upgrade?

To: LORD ERNIE who wrote (16)	8/6/1999 5:29:00 AM
From: LORD ERNIE	Read Replies (1) \| Respond to of 173

Respond of Kana News article received, Tuesday, August 03, 1999 5:21:47 AM EST Kanakaris Communications Inc. Puts Out Definitive Statement On Settlement With the SEC, and Plans To File Information Within 10 Days To Become Fully Reporting NEWPORT BEACH, Calif., Aug 3, 1999 (BUSINESS WIRE via COMTEX) -- KanakarisCommunications Inc. (OTC BB:KKRS) is aware that it is being mentioned in a wire story pertaining to "actions against 82 companies and individuals." Kanakaris is pleased to provide the following clarifications, and to state that the action pertaining to Kanakaris will have no affect whatsoever on the company's plan to file all necessary information with the SEC within 10 days to become a fully reporting company, and to make business and financial information on Kanakaris available on the SEC's EDGAR database. "Now that the matter is behind us, we are in the best position ever to pursue relationships with synergistic companies, additional stock exchange listings and to move aggressively forward with the full deployment of our direct over-the-Internet content delivery," stated CEO Alex Kanakaris. "Part of what separates the powerful from the weak is being able to take a few lumps when necessary and come out stronger than ever, and we've never had more of a commitment to do the right thing by our shareholders than we do at this time. We've learned and we've grown and we're in this Internet revolution for the long haul with the best creative and business team that can be assembled," he added. Kanakaris points out the following, some of which has been omitted or misunderstood in speculative reports: 1) Simultaneous with filing the complaint pertaining to Kanakaris, the SEC entered into full settlement agreements with Kanakaris Communications Inc., CEO Alex Kanakaris and former Director David Valenti. 2) The company severed its relationship with attorney Shawn Hackman and in February 1999 entered into a settlement agreement with Hackman. In connection with this settlement Hackman executed a promissory note in favor of the company. 3) Without admitting or denying any of the allegations set forth in the SEC's complaint, KCI and Kanakaris and Valenti consented to the entry of an injunction that enjoins the defendants from among other things, selling securities except through an approved registration statement or in accordance with an exemption from registration. 4) Stock sales in question in the SEC complaint occurred in 1996 and 1997 in a private company, Kanakaris InternetWorks Inc. All of the sales were made prior to Kanakaris Communications acquisition of KIW Inc. and did not include any publicly traded stock or stock personally owned by Kanakaris and Valenti. In fact, almost nine months prior to the SEC's investigation, the company voluntarily offered to refund all monies to the early private investors and those investors that accepted the offer were paid in full. 5) Kanakaris and Valenti fully cooperated with the SEC and were supportive of the settlement agreed to by the parties. 6) Kanakaris and Valenti also agreed to pay a "civil penalty" of $25,000 each. This penalty was not punitive in nature. No fines or penalties were imposed upon Kanakaris Communications Inc. 7) No third-party relationships pending or otherwise under consideration have been affected in any way by the SEC action and settlement. Further information on Kanakaris: Kanakaris Communications is publicly traded on the OTC Bulletin Board and in Germany. For further information on Kanakaris Communications (www.kanakaris.com), contact Colby Marceau, director of Public/Investor Relations, at 714/444-0560; fax: 714/549-8970; e-mail: info@kanakaris.com; 3303 Harbor Blvd., No. F-3, Costa Mesa, Calif. 92626. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Act"). In particular when used in the preceding discussion, the words "plan," "confident that," "believe," "expect," "intend to" and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Act and are subject to risks and uncertainties, and actual results could differ materially from those expressed in any forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, competitive factors, the ability to successfully complete additional financings and other risks.