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Non-Tech : Ashton Technology (ASTN) -- Ignore unavailable to you. Want to Upgrade?

To: mst2000 who wrote (4051)	8/9/2001 2:32:49 PM
From: StockDung	Read Replies (1) \| Respond to of 4443

Internet Law Library Investors Sue Southridge and Others HOUSTON--(BUSINESS WIRE)--Aug. 9, 2001--Internet Law Library Inc. (OTCBB:ELAW) announced today that three of its investors have filed suit against Southridge Capital Management LLC, Stephen Hicks, Daniel Pickett and Thomson Kernaghan & Co., in the District Court of Harris County, Texas, 11th Judicial District, alleging damages resulting from violations of Texas securities laws, the Texas Business & Commerce Code, fraud, negligence and conspiracy. The investors, who are represented by Houston attorney John M. O'Quinn, allege that they agreed to lend funds to Internet Law Library and that the defendants represented that the investors would be repaid from a financing arrangement with Cootes Drive LLC, negotiated by the defendants, which was never funded. Instead, the investors allege, the defendants entered into a scheme or conspiracy to depress the value of Internet Law Library's stock, thus providing an ostensible reason for not funding, and the investors were therefore damaged. The facts underlying the allegations of the investors' lawsuit are substantially similar to the allegations in the litigation between Internet Law Library and the defendants currently pending in New York and Delaware. Internet Law Library Inc. owns subsidiaries operating Internet sites that provide subscription access to databases used for tracking pending legislation and for performing legal and medical research. They are: National Law Library (http://www.itislaw.com), GoverNet Affairs (http://www.govaffairs.com), Brief Reporter (http://www.briefreporter.com), Compass Data Systems (http://www.compassdata.com), Venco Compliance Inc. (http://www.itisvenco.com) and ITIS Inc. (http://www.itisinc.com). Except for the historical information contained in this press release, certain statements in this release are forward-looking statements within the meaning of "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Internet Law Library Inc. and/or its subsidiary companies to be materially different from those expressed or implied by such forward-looking statements. Such factors include: general economic and business conditions; competition; success of operating initiatives; development of capital and operating costs; market conditions; advertising and promotional efforts; adverse publicity; changes in business strategy or development plans; quality of management and other personnel; and government regulations. CONTACT: Internet Law Library Inc., Houston Investor Relations: Carol Wilson, 281/600-6000 ext. 605 KEYWORD: TEXAS NEW YORK DELAWARE BW2364 AUG 09,2001 10:16 PACIFIC 13:16 EASTERN