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Strategies & Market Trends : One Big Scam? CTRN, ECTS, IVHD, SMEK & MALB -- Ignore unavailable to you. Want to Upgrade?

To: Pluvia who wrote (435)	3/12/1999 10:51:00 AM
From: jjs64	Read Replies (1) \| Respond to of 559

ECTS Update.... ELECTRONIC TRANSFER ASSOCIATES, INC. REPORTS ON Events Surrounding Recent Trading Suspension NEW YORK, March 11 /PRNewswire/ -- The management of Electronic Transfer Associates, Inc., (OTC Bulletin Board: ECTS), offers the following comments regarding the recent trading suspension in the Company's stock and discloses recent business developments. On January 29, 1999, the Securities and Exchange Commission (SEC), issued a mandatory ten day suspension in the trading of the Company's stock. The reason given by the SEC for the suspension was that there were questions raised as to the adequacy and accuracy of publicly disseminated information concerning among other things, the business prospects and future earnings of the Company. The SEC also issued a subpoena in which it requested certain records in connection with a private investigation. Immediately following the suspension, the Company hired special counsel to assist in responding to the SEC subpoena, to which the Company has responded. At 11:59 PM on February 11th, the trading suspension expired and no further suspension orders were issued. To facilitate the market makers compliance with certain securities law requirements, the Company voluntarily forwarded an updated disclosure statement to known market makers. Prior to January 29, 1999, shares of the Company's common stock were traded on the Over The Counter Electronic Bulletin Board (OTCBB). To the best of the Company's knowledge, the Company's shares presently are trading on the Pink Sheets. Shareholders can receive a quote and execute trades by contacting a stockbroker and informing them that the Company is trading on the Pink Sheets. The Company is investigating whether its securities will resume trading on the OTCBB. The Company is proceeding with the development of its internet web-site, Marketoutlet.com, and is expecting the web-site to be ready to accommodate retailers in the second quarter of this year as previously announced. The Company has contracted with a third party web-site design firm, to design and build the web-site. The Company is reconsidering its recent decision to effect a two for one forward split of the Company's common stock. As previously announced, the Company previously decided to split the stock, in response to volatile market conditions. In light of the recent events regarding the trading suspension, and the current stock valuation, the Company is reconsidering its decision. The Company is also re-evaluating its plans to use the public marketplace to raise the required capital necessary to proceed with its long range business plans. Alternative methods of financing may have to be considered. Various recent events, including the trading suspension, have affected the willingness of private investors to provide short term funding. The Company may seek alternative sources should its private investors decide to discontinue funding. SOURCE Electronic Transfer Associates, Inc. CONTACT: Thomas Telegades of Electronic Transfer Associates, Inc., 212-588-9725, or fax, 212-588-9224/

To: Pluvia who wrote (435)	3/12/1999 10:54:00 AM
From: jjs64	Read Replies (2) \| Respond to of 559

SMEK/POLU Update SMARTEK, INC. REPORTS ON EVENTS SURROUNDING RECENT TRADING SUSPE nsion NEW YORK, March 12 /PRNewswire/ -- The management of Smartek, Inc. (OTC Bulletin Board: SMEK) offers the following comments regarding the recent trading suspension in the Company's stock and discloses recent business developments. On January 29, 1999, the Securities and Exchange Commission (SEC) issued a mandatory ten day suspension in the trading of the Company's securities. The SEC reason for the suspension was that there were questions raised as to the adequacy and accuracy of publicly disseminated information concerning, among other things, the business prospects and future earnings of the Company. The SEC also issued a subpoena in which it requested certain records in connection with a private investigation. Polus, Inc., (OTC Bulletin Board: POLU), Smartek's largest shareholder, was also issued a mandatory ten day suspension by the SEC. Immediately following the suspension, the Company hired special council to assist in responding to the SEC subpoena, to which the Company has responded. At 11:59 PM on February 11th, the trading suspension expired and no further suspension orders were issued. To facilitate the market makers compliance with certain securities law requirements, the Company voluntarily forwarded an updated disclosure statement to known market makers. Prior to January 29, 1999, shares of the Company's common stock were traded on the Over the Counter Electronic Bulletin Board (OTCBB). To the best of the Company's knowledge, the Company's shares presently are trading on the pink sheets. Shareholders can receive a quote and execute trades by contacting a stockbroker and informing them that the Company is trading on the pink sheets. The Company is investigating whether its securities will resume trading on the OTCBB. Subsequent to the trading suspension, Ryans Express Equities Corporation (Ryans), a mortgage banking firm that was in negotiations to merge into the Company, has expressed their desire to delay the merger pending the outcome of the SEC's investigation of the Company. Management of both Companies have agreed that any ongoing due diligence regarding the merger, would have to address any concerns arising from the SEC. The Company will cooperate fully with Ryans and the SEC to help facilitate the merger. Plans to move forward with the business involving the Scott Hill Collection, Inc., the Company's wholly owned subsidiary, have been terminated. The Scott Hill Collection, an upscale collection of menswear clothing, was designed and created during the Spring of 1998. The collection was launched during the Summer of 1998, and displayed in a New York City showroom. Shortly thereafter Scott Hill, the primary principal in the business, abruptly decided to abandon the plans for the Scott Hill Collection, and pursued business interests elsewhere. The Company has released Scott Hill from any further business responsibility other than Scott Hill agreeing to pay for any and all debt incurred by the Scott Hill Collection, Inc. SOURCE Smartek, Inc. CONTACT: Thomas Telegades of Smartek, Inc., 212-355-2585