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

To: dumbmoney who wrote (3592)	8/23/1999 4:33:00 PM
From: jhild	Read Replies (1) \| Respond to of 7056

Why all the trouble getting an auditor? Won't auditor's accept stamps in payment?

To: dumbmoney who wrote (3592)	8/23/1999 5:50:00 PM
From: bob sims	Read Replies (2) \| Respond to of 7056

Item 1. Legal Proceedings All material pending legal proceedings to which the Registrant is a party and proceedings which have been terminated are described in the notes to financial statements included elsewhere herein and in the Company's Annual Report on Form 10-K for the year ended December 31, 1998 and Quarterly Report on Form 10-Q for the quarterly period ended March 31,1999. In addition thereto, the Company has filed a Complaint, against one identified and five anonymous internet posters for Libel, Tortious Interference with Business Relations and Civil Conspiracy, in the United States District Court for the Middle District of Florida. The Complaint, entitled Hitsgalore.com, Inc. v. Janice Shell, et al., Case NO. 99-1387-CIV-T-26C, seeks damages in excess of twenty million dollars. The Complaint alleges that, beginning at least as early as May 1999, the Defendants intentionally and maliciously published and republished a variety of false and defamatory statements about Hitsgalore.com, Inc. in a nationwide "cybersmear" campaign on electronic bulletin boards on the internet. These statements either explicitly stated or implied that the Company engaged in illegitimate, illegal, dishonest, fraudulent and criminal business operations, when, in truth and fact, the Defendants knew or should have known that such statements were false and libelous per se. At the present time, the Company is seeking to ascertain the identity of the anonymous Defendants through discovery.