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To: y2kfree_radical who wrote (45567)	5/3/2000 1:28:00 PM
From: Jim Bishop	Read Replies (1) \| Respond to of 150070

ENCINO, Calif.--(BUSINESS WIRE)--May 3, 2000--Sitestar Corporation (OTCBB:SYTE - news), a diversified Internet holding company, today announced that its Board of Directors has approved a stock buyback program for the repurchase of up to 350,000 shares of the Company's common stock. The company announced that the purchases will be made from time to time in the open market in accordance with all applicable SEC rules. Clinton J. Sallee, President and CEO of Sitestar Corporation, commented: ``We believe our stock is currently undervalued and represents a sound, long-term investment for our shareholders. Our robust acquisition pipeline, internal growth and improved operating margins in our ISP division, support this belief. ``At our core, Sitestar is an Internet investment company. If our own stock proves to be a highly attractive investment, we won't hesitate to capitalize on that value.'' About Sitestar Corporation Sitestar Corporation is a diversified Internet holding company that participates, through its wholly owned Web-based subsidiaries, in emerging segments of the Internet such as e-commerce, value-added content, ISP and Portal/Community. To sustain its growth, the Company acquires and invests in emerging Internet-related enterprises to create a broad and diverse set of core Internet businesses that deliver a variety of online solutions. In addition to developing and integrating Internet-based technologies, the Company's primary objective is to maximize shareholder value by creating a healthy mix of Internet operating companies and Internet-related portfolio investments that will enhance the value of its core holdings. Sitestar's wholly owned subsidiaries include Neocom Microspecialists, Sitestar.net, Soccersite.com, Greattools.com and Holland-American.com, and has a minority equity investment in Qliq-On Corporation. Sitestar corporate headquarters is located at 16133 Ventura Blvd., Suite 635, Encino, CA 91436; telephone: 818/981-4519 and fax: 818/981-2658. Additional information is available on the company's Web site at sitestar.com. Sitestar's Corporate Mission The Company's mission is to develop its Internet operating subsidiaries and future portfolio investments in other Internet enterprises into highly focused and successful stand-alone Internet businesses. The Company intends to achieve a fast-track development process by tapping the services, support and knowledge of individuals and organizations that have extensive experience in developing Internet concepts and technologies. Statements regarding financial matters in this news release other than historical facts are ``forward-looking statements'' within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the company's future expectations, including future revenues and earnings, the anticipated stock dividends and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. Contact: Sitestar Clinton J. Sallee, 818/981-4519 csallee@sitestar.com or Glenn Bartolini, 760/724-0196 GB@stocknorth.com