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Microcap & Penny Stocks : TSIG.com TIGI (formerly TSIG) -- Ignore unavailable to you. Want to Upgrade?

To: Bill Fortune III who wrote (43209)	11/14/2000 4:24:14 PM
From: JWC	Read Replies (2) \| Respond to of 44908

Did you all read this: TeleServices Internet running on fumes Nov 08, 2000 12:23 PM ET -------------------------------------------------------------------------------- By Bill Holland, LocalBusiness.com -------------------------------------------------------------------------------- ST. PETERSBURG, Fla., Nov. 8 (LocalBusiness.com) -- Chicago start-up GeneralSearch.com's $1.1 million loan is keeping the doors open at TeleServices Internet Group, according to filings made with the Securities and Exchange Commission this week. Stock Quote TELESVC INTERNET TIGI 0.97 0.06 -5.83% Results delayed 20+ minutes. TeleServices Internet (TSIG.com) is controlled now by private GeneralSearch.com as a result of a merger completed in August. Announcements by TSIG.com claimed it acquired GeneralSearch.com in exchange for its publicly-held penny stock (OTC BB: TIGI) but filings with the SEC indicate GeneralSearch received 55 percent of TeleServices Internet's outstanding shares to complete the deal. Executives at GeneralSearch.com were unavailable for comment and company officers at TeleServices did not return calls. Family-friendly search engine GeneralSearch.com, which had no sales as of June 30, loaned $1.1 million to TSIG.com over the summer, as well as another $500,000 personal loan to TSIG.com's chairman and chief executive, Robert Gordon. TSIG.com said it bought Tampa infomercial maker Reliant Interactive Media and Affinity Group, a marketing company, using company stock. Its second-quarter report does not indicate that those purchases ever closed, a third-quarter report is due out by Nov. 15. While busy issuing press releases claiming the three companies - GeneralSearch.com, Reliant and Affinity - would generate more than $100 million in revenue this year, this week's SEC filings indicate the Chicago search engine has had no revenue in its two-year history. No sale numbers are available for privately held Reliant or marketing firm Affinity Group, but TSIG.com's second-quarter report indicates it sold only $56,125 worth of goods and services in the spring, mostly discount music cards. In contrast, the company had only $11,501 in cash on hand at the end of the second quarter, with cash outlays of $2.8 million for the first six months of this year, including more loans to Gordon. TeleServices Internet also owes the IRS more than $1 million in withheld payroll taxes. By noon Wednesday, TSIG.com shares had slipped a nickel to 97 cents on light trading near a post-split 52-week high of $1. Bill Holland covers Tampa Bay for LocalBusiness.com. E-mail him with story ideas or comments.