To: pcyhuang who wrote (569 ) 3/22/1999 8:21:00 PM From: Bruce Cullen Respond to of 623
March 22, 1999 15:20 ZiaSun Announces Acquisition of Asian Barter Company SAN DIEGO, March 22 /PRNewswire/ -- ZiaSun Technologies Inc. (OTC Bulletin Board: ZSUN) (www.ziasun.com) has announced its acquisition of Pacific Barter Ltd., an Asia-based operation specializing in business-to-business barter transactions. Pacific Barter's exchange system allows its member clients to trade without the use of cash. The company acts as a third party clearing house for transactions between members, and takes its revenues from commissions. Mr. Anthony L. Tobin, President and CEO of ZiaSun said, "We are extremely pleased that we have been able to acquire Pacific Barter, an exciting company in a new and exciting industry in Asia." Mr. Tobin said that ZiaSun's expertise would be used to expand Pacific Barter, particularly on the Internet. Managing director of Pacific Barter, Mr. Brian Hodgson, expressing his belief in the sustained increase in the barter industry said, "The IMF estimates eight percent of worldwide trade is now conducted through non-cash transactions. The US Department of Commerce puts that figure at 20 percent and independent estimates go up to 35 per cent, a huge number," he said. "In North America alone, total volume for countertrade -- a sophisticated form of barter -- reached US $7.5 billion in 1995 and involved more than 65 percent of Fortune 500 companies, according to the latest survey from the International Reciprocal Trade Association (IRTA)." Pacific Barter, established in May 1997, is the only corporate barter company based in, and specializing in Asia. The company currently operates a website (www.pacificbarter.com), which will be greatly expanded in content and inter-activity in cooperation with ZiaSun and its wholly owned subsidiary, Momentum Internet Inc. (www.momentumplus.com). ZiaSun Technologies Inc. is a provider of Internet products and services and Internet-focused support services. ZiaSun's primary Internet services include: Swiftrade (www.swiftrade.com), M Finance (www.mfinance.com), PINmail (www.pinmail.com), MediaHits (www.mediahits.com) and Search Dragon (www.searchdragon.com). Note: Any statements released by ZiaSun Technologies Inc. that are forward-looking are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that forward-looking statements invoke risk and uncertainties that may affect the company's business prospects and performance. These include economic, competitive, governmental, technological and other factors discussed in the statements. For more information please contact Investor Relations Department at 800-773-7317 Contact: ZiaSun Technologies, Inc. ZiaSun Technologies, Inc. Website: www.ziasun.com SOURCE ZiaSun Technologies Inc. /CONTACT: Investor Relations Department of ZiaSun Technologies Inc., 800-773-7317/ /Web site: ziasun.com