IINN...nice..
International Internet Obtains $3,400,000 Credit Line Approval
IINN.OB><MER.N> Tuesday December 14, 1999 - 01:42PM
International Internet Obtains $3,400,000 Credit Line Approval From Merrill Lynch BOCA RATON, Fla., Dec. 14 /PRNewswire/ -- International Internet, Inc. (OTC Bulletin Board: IINN) announced today that it has been approved for a $3,400,000 secured Line of Credit from Merrill Lynch Business Financial Services, Inc., a subsidiary of Merrill Lynch & Company, Inc. (NYSE: MER). The principal terms of the line of credit include: a maximum line of credit: $3,400,000.00 and a Variable interest rate at a per annum rate equal to the sum of 2.30% plus the 30-day Dealer Commercial Paper Rate (as published in the Wall Street Journal), based upon actual days elapsed over a 360-day year. The Line of Credit's initial expiration date is January 31, 2001 (subject to renewal annually thereafter). Management stated, "We are very pleased with Merrill Lynch's knowledge and approach towards the Internet and technology sectors of our core businesses. It is their strategic relationships with key players in the industry that we believe will help us in our endeavor towards becoming a premier e-tailing site on the Internet. We believe that cultivating a relationship with Merrill Lynch now enhances not only our shareholder's value, but positions the Company to have access to Merrill Lynch in the future when and if the Company desires to look at raising additional equity." About Merrill Lynch: Merrill Lynch is one of the world's leading financial management and advisory companies with offices in 43 countries and total client assets exceeding $1.5 trillion. The firm is the top global underwriter and market maker of debt and equity securities and a leading strategic advisor to corporations, governments, institutions, and individuals worldwide. Through Merrill Lynch Asset Management and Mercury Asset Management, wholly owned subsidiaries, the company is one of the world's largest managers of financial assets. About International Internet, Inc.: International Internet, Inc. develops and operates Internet and direct retail marketing companies as well as venture funds focused on the Internet. The International Internet Group includes wholly owned subsidiaries American Computer Systems (ACS), StogiesOnline.com, Inc. (www.stogiesonline.com), International Internet E-tail group, Inc. and International Internet Ventures ILLC and majority owned subsidiaries, Mr. Cigar, Inc., TheBroadcastWeb.com, Inc. (www.thebroadcastweb.com), StogiesAuction.com (www.stogiesauction.com), a joint venture between AuctionAnything.com, Inc. (OTC Bulletin Board: UBUY) and International Internet. International Internet also holds minority interests in WowStores.com, Inc. (OTC Bulletin Board: WOWSE) (www.wowstores.com) and Goldonline International, Inc.(OTC Bulletin Board: GDOL) (www.goldonline.com). For more information, contact: The Hawke Group, Inc. Phone (954) 564-7114 Fax (954) 564-9848. Visit our website at www.hawkegroup.com. Forward-looking statements in this release are made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to certain risks and uncertainties and actual results could differ from those discussed. This material was prepared and disseminated by The Hawke Group, Inc. ("Hawke") for the Company discussed herein, based upon Company-supplied information or other sources believed to be reliable. Hawke does not guarantee the information for accuracy or to be all-inclusive. This material is information only and is not an offer or solicitation to buy or sell the securities. Hawke, its affiliates, and/or its officers, directors and employees may from time to time have a position in these securities. International Internet has retained The Hawke Group as a Financial Public Relations Consultant. For services rendered between Jan 1, 1999, and December 31, 1999, The Hawke Group has received 1,250,000 shares of International Internet free-trading common stock. On November 15, 1999, Scott Phillips, an employee of The Hawke Group, was issued 150,000 shares of restricted stock. SOURCE International Internet, Inc. -0- 12/14/1999 /CONTACT: Scott Phillips of The Hawke Group, Inc., 954-564-7114, or fax, 954-564-9848, for International Internet, Inc./ /Company News On-Call: prnewswire.com or fax, 800-758-5804, ext. 122170/ /Web site: www.hawkegroup.com / -- FLTU013 -- 1962 12/14/1999 12:55 EST prnewswire.com Copyright PR Newswire 1998. All rights reserved.
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