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

To: Q. who wrote (5228)	3/17/2000 11:06:00 AM
From: Janice Shell	Read Replies (1) \| Respond to of 7056

Are HITT and LFT beginning to forget who's who? Here's the first Ho Ho Ho PR, the one about HITT: Wednesday February 23, 8:04 am Eastern Time Company Press Release SOURCE: China Continental, Inc. China Continental in Negotiations to Acquire 10% Stake in Hitsgalore.com, Inc. HONG KONG, Feb. 23 /PRNewswire/ -- China Continental, Inc. (OTC Bulletin Board: CHCL - news), announced today that it is in negotiations to acquire a 10% stake in an Internet company, Hitsgalore.com (OTC Bulletin Board: HITT - news). The amount of the consideration has not been finalized. ``Hitsgalore.com has a strong management team with extensive experience in the rapidly growing Internet sector and a well established Web site. By acquiring a stake in Hitsgalore.com, we hope to capitalize on its strength in the Internet sector. In addition, their B2B model can be adapted and expanded to Asia. We believe that China Continental will benefit from this investment, leveraging our Internet strategy internationally,' commented Harry H. H. Ho, Chairman of China Continental, Inc. Hitsgalore.com is a profitable U.S. based business-to-business Internet company. It began its beta operations in August 1998 and launched its Web site in November 1998. The company provides searchable databases for businesses to bring people to their Internet Web sites. Revenue of the Company is derived from the sales of sponsorships, keyword bid and rank rights, audio banners, advertising and local city editions. Hitsgalore.com's Chairman, Dorian Reed, said, ``There are many solid reasons that China Continental would be a good strategic partner and investor in Hitsgalore.com. Access to the whole of Asia is very significant as the 'Technology Gap`` is beginning to close quickly. Having done business in Hong Kong, Singapore and other parts of Asia in the past, I firmly believe Asia represents solid future growth for Hitsgalore.com with a strong opportunity to expand and establish market dominance in many areas of Internet technology.' For the three months ended September 30, 1999, the revenues of Hitsgalore.com were US$2.996 million, an increase of approximately 109% from their prior fiscal quarter. After tax earnings of the company were $1.238 million for the three months ended September 30, 1999 compared to $136,803 for the prior fiscal quarter... biz.yahoo.com Before we get to the real point, when did Dorian "do business" in Asia? I don't remember anything about that, but then his career has been....varied. Now: who's really "negotiating" with whom? I think we really do need to know much more about the precise business relationship between HITT and LFT, but of course we've all been saying that for a long time. Assuming that these "negotiations" pan out, how will Ho Ho Ho be taking that 10% stake in HITT? Might he intend to buy (or somehow otherwise receive) stock from LFT rather than from HITT? If so, then LFT could pay HITT some of the money it owes on 15 April. It should, however, be noted that the entire amount promised by LFT--counting both agreements they made with HITT--is now well in excess of HITT's market cap.