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Non-Tech : International Heritage (IHIN) -- Ignore unavailable to you. Want to Upgrade?

To: Arcane Lore who wrote (405)	4/22/1998 2:21:00 PM
From: charles Love	Read Replies (1) \| Respond to of 454

How's everyone doing? PR NewsWire International Heritage Responds to SEC ---------------------------------------------------------------------- IHI Fully Operating RALEIGH, N.C., April 21 /PRNewswire/ -- Responding to challenges recently faced by International Heritage Incorporated (Nasdaq: IHIN) ("IHI") including allegations by the Securities and Exchange Commission ("SEC") that IHI was one of the largest pyramid schemes they had ever seen, IHI Chairman Stan Van Etten defended his company, "The adverse publicity and the scandalous attacks on our character would have killed most companies. We were closed for 48 hours; we did not go out of business." Senior management estimates sales of approximately $20 million for the first quarter ending March 31, 1998. Although the Company was limited to sales of its proprietary nutritional products and patented skin care system during the period of March 17 through April 8, and was unable to accept applications for new Sales Representatives, few of its sales force resigned. Under the Modified Compensation and Marketing Plan which was approved by the Court-appointed Monitor, IHI is again able to accept new Sales Representatives and to offer its thousands of products ranging from 14K and 16K gold jewelry to fine collectibles and the finest lines of golf equipment. "Our products are first-rate. Our Modified Compensation Plan is one of the very best in the industry and I believe will withstand the toughest regulatory scrutiny," said Van Etten. Asked if he expects further problems resulting from allegations by the SEC, Van Etten said, "we cannot yet quantify the financial losses associated with the SEC actions. We are back in business with great short-term results. We agreed to improve the way we do business; not to go out of business." Statements which are not historical facts contained in this release including management's estimates regarding sales in the first quarter are forward-looking statements under the previsions of the Private Securities Litigation Reform Act of 1995. All forward-looking statements involve risks and uncertainties. The Company wishes to caution readers that several important factors could affect the Company's actual results which could differ dramatically from those expressed in any forward-looking statements made by or on behalf of the Company. Further information regarding the important factors that could cause actual results to differ from projected results can be found in the Company's reports filed with the Securities and Exchange Commission. SOURCE International Heritage, Inc. -0- 04/21/98 /CONTACT: Marks Carlton Lane, Director of Communications, International Heritage, Incorporated, 919-571-4646, Ext. #1242 or E-Mail: mlane@teamihi.com/ (IHIN) CO: International Heritage, Inc. ST: North Carolina IN: REA SU: DR -- CHTU018 -- 8630 04/21/98 11:43 EDT prnewswire.com