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Technology Stocks : SYTE - Sitestar -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (5)	10/24/2000 8:27:48 AM
From: Joe Copia	Respond to of 301

Sitestar Responds to Mothernature's Press Release MONDAY, OCTOBER 23, 2000 10:11 PM - BusinessWire ENCINO, Calif., Oct 23, 2000 (BUSINESS:SYTE), an Internet holding company, today issued a response to Mothernature's (Nasdaq:MTHR) press release. Sitestar withdrew its offer to acquire all of the outstanding shares of MTHR on Friday, after failing to gain management's support. Offering further insight into the transaction, Clinton J. Sallee, Sitestar's president and chief executive officer, commented, "This has been a disheartening experience for us. First, we were unable to gain management's support for our offer. Now, that same management team is trying to re-write history by circulating misleading press releases." Sallee continued, "From my initial correspondence with Mr. Barach in August, I have indicated my desire to gain management's support for our offer and was ready to execute a confidentiality agreement. Sadly, after weeks of delay, MTHR presented us with a document which, if executed, would jeopardize our shareholders because of the unusually onerous clauses it contained. "If Mothernature pledged their full support to our offer, and provided us with a standard confidentiality agreement we would re-engage the process immediately, since we are still eager to complete the transaction provided we receive management's support." About Sitestar Corp. Sitestar Corp. 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. 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 Corp. Sitestar corporate headquarters is located at 16133 Ventura Blvd., Suite 635, Encino, Calif. 91436. Telephone 818/981-4519. Facsimile 818/981-2658. Additional information is available on the company's Web site at sitestar.com. Statements regarding financial matters in this press 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 Corp., Encino Clinton J. Sallee, 818/981-4519 csallee@sitestar.com URL: businesswire.com Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. Copyright (C) 2000 Business Wire. All rights reserved.