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

To: Janice Shell who wrote (5491)	4/26/2000 5:24:00 PM
From: StockDung	Read Replies (3) \| Respond to of 7056

Hitsgalore.com Announces New Temporary Symbol of `HITTE' 4/26/0 17:2 (New York) Business Editors & Technology Writers RANCHO CUCAMONGA, Calif.--(BUSINESS WIRE)--April 26, 2000-- Hitsgalore.com Inc. (OTCBB:HITT), announced today that due to the Life Foundation Trust's default in payments due April 15, 2000 for $10 million of the company's common stock and $10 million for services rendered, as well as the associated delays in consummation of the transactions with the Life Foundation Trust, the filing of Hitsgalore.com's 1999 Annual Report on Form 10-K has been delayed. As a result of the delay, Hitsgalore.com will receive an "E" on the end of its trading symbol. The "E" designation is the OTC Bulletin Board indication of late filing of required reports and "does not stop trading" of the company's stock. Hitsgalore.com has 30 days to complete the required filings or risk removal from the OTC BB. After assessing the default by Life Foundation Trust, the process of resolving ownership issues in the Collateral Asset, the potential value of the Collateral Asset and the time period of liquidation, the company has decided to provide a reserve as a charge to income or unwind the transactions in the 4th Quarter of 1999. The earnings of the company for the year, net of applicable income taxes, will be reduced by approximately $4.2 million from the earnings that would have been reported without the default. "The collection of the revenues recognized from the Trust was the primary reason for our filings being late. We have no intention of delaying this filing any longer than necessary. Our immediate goal is to be fully compliant and have the "E" removed from our trading symbol. We have already spoken with our auditors and worked out what options are available and both agree that we can get the filings done so as not to lose our OTC BB listing. We hope to have the first quarter form 10Q complete as well, all within the allotted 30 days," says Dorian Reed, chairman of Hitsgalore.com. Hitsgalore.com will notify all shareholders via a press release as soon as the 1999 10K is filed. The OTC BB has indicated it will only take a 24 to 48 hours to remove the "E" from the company's symbol once filings are current. About Hitsgalore.com Hitsgalore.com (www.hitsgalore.com) has a unique business model of giving away free banners, lifetime banner placement and other Portal Services. The company believes its business model compares favorably with other Internet portals and search engine companies. The company generates revenue from its Keyword Bid & Rank program, sponsorships of Portal Services and Local City Editions. Hitsgalore.com strives to provide porn-free searching and does not accept or encourage any porn or adult-content listings on its site. The company is also involved in the rapidly growing business-to-business e-commerce sector through its unique Hitsgalore Business Exchange 2000 (HBX2000) (www.hbx2000.com) portal service. Hitsgalore is the innovator and developer of the first B2B Internet Business Exchange that offers a trade organization to provide pre-qualified "one-on-one sales introductions" for its listed companies, the company is the market leader in this newly unearthed market niche. Hitsgalore.com believes its HBX2000 business model compares favorably with others in the B2B Internet e-commerce markets such as Ariba Inc. (Nasdaq:ARBA), Commerce One Inc. (Nasdaq:CMRC), Oracle (Nasdaq:ORCL) and SAP AG (NYSE:SAP). Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking information within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements that include the words "believes," "expects," "anticipates" or similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Hitsgalore.com Inc. (the Company) to differ materially from those expressed or implied by such forward-looking statements. (Such factors include, among others, the risk factors contained in the company's Annual Reports and other filings with the Securities and Exchange Commission.) In addition, description of anyone's past success, either financial or strategic, is no guarantee of future success. The Company will remain dependent upon future financing for its growth and development, and for it to successfully implement its business plan. No statement contained herein should be construed as indicating that such financing is or will be available, and if available, will be on terms favorable to the Company. This news release speaks as of the date first set forth above and the Company assumes no responsibility to update the information included herein for events occurring after the date hereof. Merger Communications (Merger) is a media relations firm employed by the Company. Merger and the Company believe that all information in this release has been obtained from sources considered reliable, but cannot guarantee that the statements presented herein are accurate or complete. According to the long-term agreement between Merger and the Company, Merger's compensation for its financial media relations services, which includes the preparation and distribution of press releases, consists of 10,000 shares of the Company's restricted stock for the first month. The Company will then pay $10,000 cash and 5,000 shares of the Company's restricted stock per month for the remaining 11-month period ending 3/15/01. Merger typically has a long position in the securities of the companies in which it publishes information, and Merger may be buying or selling securities in the course of its regular business. For more information on Merger's services, visit www.mergerusa.com. --30--SCP/ho* CONTACT: Merger Communications, Houston David Drake, 713/572-2560 ext. 100 (Investors) ddrake@mergerusa.com or Sara Laue, 713/572-2560 ext. 111 (Media) slaue@mergerusa.com KEYWORD: CALIFORNIA INDUSTRY KEYWORD: INTERNET Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com -0- Apr/26/2000 16:47 EOS (BUS) Apr/26/2000 16:47 85 -0- (BUS) Apr/26/2000 17:02