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

To: Janice Shell who wrote (4931)	1/14/2000 12:26:00 AM
From: Q.	Read Replies (1) \| Respond to of 7056

Hitsgalore Warns of Cash Flow, Seeks Payment From Main Customer Rancho Cucamonga, California, Jan. 13 (Bloomberg) -- Hitsgalore.com Inc. said 95 percent of its $4.2 million revenue in the second and third quarters of 1999 came from Life Foundation Trust, its largest outside shareholder. The Rancho Cucamonga-based Internet advertising company warned that ``cash flow difficulties could arise' unless Life Foundation makes a payment soon on $14 million it owes, according to its third-quarter report filed yesterday with the Securities and Exchange Commission. Scottsdale, Arizona-based Life Foundation has until April 15 to pay for $4 million in advertising. It also owes $10 million for its 2 million shares in Hitsgalore. Hitsgalore fell 1/16 to 1 23/32, valuing its 50 million shares at about $86 million. The company, whose cash on hand Sept. 30 fell to $90,771 from $272,955 on June 30, said it's attempting to negotiate full or partial payment this month from Life Foundation. Hitsgalore reported earnings of $1.2 million, or 2 cents a share in the third quarter of 1999, on sales of $2.9 million. Its cash flow from operations in the quarter was negative. It paid out $341,902 more than it took in. Life Foundation Trust, which is not a charity, says it has charitable goals that include ``the provision of food to the hungry, clothes and shelter to the needy, education to the unlearned and to minister to the spiritual needs of all people.' quote.bloomberg.com