Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : TGL WHAAAAAAAT! Alerts, thoughts, discussion. -- Ignore unavailable to you. Want to Upgrade?

To: Joe Copia who wrote (80182)	2/15/2001 9:04:27 AM
From: Joe Copia	Read Replies (4) \| Respond to of 150070

Sitestar Announces Strong Revenue Growth for FY2000; Revenues G Sitestar Announces Strong Revenue Growth for FY2000; Revenues Grew by 814 Percent to $2.04 million; Revenues Projected to Grow Further for FY2001 Business Editors ENCINO, Calif.--(BUSINESS WIRE)--Feb. 15, 2001--Sitestar Corporation (OTC BB: SYTE), a technology investment company, reported strong revenue growth for fiscal year 2000. Revenues increased to $2.04 million for the 12 months ending Dec. 31, 2000, from $223,749 from the same period in FY1999. That represents an 814 percent growth on a year-on-year basis. Sitestar attributes the strong growth to its acquisition of Neocom Microspecialists and the robust internal growth achieved by its subsidiaries. Sitestar will be releasing its annual report, including audited financial statements, by the end of the first quarter. At that time, the Company will give further guidance on its revenue and earnings outlook, as well as additional details on its FY2000 performance. Sitestar expects revenues growth rate to remain high, and is forecasting a positive pro forma cash flow, as defined by earnings before interest, taxes, depreciation, amortization and other non-cash charges, for the fiscal year of 2001. "We are pleased to report these strong revenue figures. These numbers validate the viability of our consolidation strategy of small to mid-sized Internet Service Providers in the rural areas of the mid-Atlantic region," said Clinton J. Sallee, president and chief executive officer of Sitestar. "We continue looking for undervalued companies as well as negotiate acquisitions with ISP candidates in our target area. "Furthermore, Sitestar would like to address the concerns of shareholders regarding our recent SEC filing," Sallee said. "This filing increases the number of our authorized shares, but will in no way affect the number of issued shares. This filing does not affect our float. It was required to remain in compliance with our equity partner and has no tangible effect on the Company. The management team is significant, long-term shareholders. "From the day we started this Company, we have only increased our stock holdings and would do nothing to jeopardize the long-term value we are creating for our shareholders." About Sitestar Corporation 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 Internet access and e-commerce. 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. Sitestar's wholly owned subsidiaries include Sitestar.net, Lynchburg.net, Computers By Design, Neocom Microspecialists, Soccersite.com, Greattools.com, Holland-American.com and has a minority equity investment in Qliq-On Corp. Sitestar corporate headquarters are located at 16133 Ventura Blvd., Suite 635, Encino, Calif. 91436, telephone 818/981-4519 and facsimile 818/981-2658. Additional information is available on the company's Web site at sitestar.com. 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. --30--rs/la* CONTACT: Sitestar Corporation, Encino Clinton J. Sallee, 818/981-4519 csallee@sitestar.com sitestar.com