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Microcap & Penny Stocks : International Internet (IINN) -- Ignore unavailable to you. Want to Upgrade?

To: LORD ERNIE who wrote (725)	3/21/2000 3:23:00 PM
From: Bubba1008	Read Replies (1) \| Respond to of 746

nternational Internet Receives Funding Commitment For $4,000,000 to $11,250,000 From Avenel Financial Group BOCA RATON, Fla.--(BUSINESS WIRE)--March 21, 2000--International Internet, Inc. (OTC:IINN) announced today that it has received a commitment letter from Charlotte, North Carolina-based Avenel Financial Group (Avenel) to provide them with a $4,000,000 to $11,250,000 equity funding through the sale of Restricted Common Stock. According to the terms of the commitment letter, the Company will make available 1,500 Units of its Restricted Common Stock at a price of $7,500 per Unit Each Unit consists of 20,000 shares of the Company's Restricted Common Stock. Additionally, for every Unit purchased, Avenel will receive a stock purchase warrant to purchase 4,000 shares of International Internet's restricted Common Stock at a price of $1.50 per share. According to the commitment letter, Avenel has agreed that the restricted shares will not have any registration rights for the period of one year. Mike Pruitt Managing Partner of Avenel Financial stated "Our commitment to invest between $4,000,000 to $11,250,000 into International Internet is based primarily upon their success rate in investing in emerging Internet companies and their ability to build significantly upon their assets." About Avenel: Avenel Financial Group is a private venture capital group whose recent investments include Summus, the majority owner of the publicly held High Speed Net Solutions, Inc., Vertical Computer Systems (OTCBB:VCSY) (http://www.thechinabridge.com) and Zebramart.com, Inc. (OTCBB:ZMRT), (http://www.zebramart.com), an internet premier luxury club. Mike Pruitt is the Managing Partner of this boutique Investment Banking firm and can be contacted at 704/341-9856. The Avenel Financial Group is based in Charlotte, North Carolina.