To: Loren S. who wrote (8335 ) 1/3/2000 10:37:00 AM From: Loren S. Respond to of 9440
Monday January 3, 6:33 am Eastern Time Company Press Release SyCoNet.Com, Inc. Signs Letter of Intent for $5 Million Line of Credit From Alliance Equities MANASSAS, Va.--(BUSINESS WIRE)--Jan. 3, 2000--SyCoNet.Com, Inc. (OTC BB:SYCD), the leading U.S. distributor of Anime (Japanese animated) videos and DVDs, today announced that it has signed a Letter of Intent for a $5 Million line of credit with Alliance Equities, Inc. Alliance Equities is a Florida-based venture capital firm that has funded numerous emerging growth companies. The line of credit, which is expected to be in effect during January, 2000 will be used to purchase inventory, expand the Company's product line, for strategic acquisitions, advertising, and for a possible share buy-back. According to SyCoNet.Com CEO, Sy Picon: ''Establishing this line of credit is consistent with our long-term plans for growing the company, and building shareholder value. These funds will be used to accelerate several initiatives that we have decided to undertake over the next several months to position SyCoNet.Com as a premier e-commerce player in the entertainment industry''. A spokesperson from Alliance Equities said ''We are pleased to work with SyCoNet.Com. We believe that the current share price is grossly undervalued. The company is in the process of implementing some extremely interesting projects that we believe will prove to be profitable for both the company and its investors.'' SyCoNet.Com's newly revamped retail website can be found at <A href="http://www.animedepot.com">www.animedepot.com</A>. SyCoNet.Com, Inc., formerly SyCo Distribution, Inc., distributes Anime (Japanese animated movies), including the enormously popular Pokemon (R) video series, multimedia games and software, DVDs, CDs, toys, apparel, and related merchandise to over 1,000 wholesale and retail accounts nationwide through two high-traffic websites, a catalog, and direct sales campaigns. For more information on purchasing the Internet's lowest priced Anime videos, see <A href="http://www.animedepot.com">www.animedepot.com</A> and <A href="http://www.altvidwar.com">www.altvidwar.com</A>. Forward-looking statements in this release are made pursuant to the ''safe harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that such forward-looking statements involve risk and uncertainties, including without limitation, continued acceptance of the Company's products, increased levels of competition for the Company, new products and technological changes, the Company's dependence on third-party suppliers, intellectual property rights, and other risks detailed from time to time in the Company's periodic reports filed with the Securities and Exchange Commission. Also see <A href="http://www.otcfn.com/sycd">www.otcfn.com/sycd</A>, <A href="http://www.altvidwar.com,www.animedepot.com">www.altvidwar.com,www.animedepot.com</A>,<A href="http://www.animedepot.com">www.animedepot.com</A>, and <A href="http://www.sycodistribution.com">www.sycodistribution.com</A> -------------------------------------------------------------------------------- Contact: SyCoNet.Com Phil Jacobson, 703/366-3900