HITT
Hitsgalore.com Expands Board of Directors to Qualify for Nasdaq Listing
April 30, 1999 09:59 AM
RANCHO CUCAMONGA, Ca.--(BUSINESS WIRE)--April 30, 1999--
Hitsgalore.com, Inc., (OTCBB-HITT) today announced that the Board of Directors has
been expanded to five, with three of the directors considered independent. The
independent directors have also agreed to serve on the Audit and Compensation
Committees of the Board. These steps have been taken, in part, so the Company can
comply with the Corporate Governance Requirements of the Nasdaq Marketplace
Rules and can move the listing process to its completion.
The Company recently announced a $10 million private placement and believes that it
meets the financial Listing Requirements for the Nasdaq National Market. All of the
rules for Initial Listing, including a minimum Market Capitalization of $75 million, a
Public Float of at least 1.1 million shares, a Market Value of Public Float of $20 million
and a Minimum Bid Price of $5 per share, can be found on the Nasdaq Stock Market
Home Page located at www.nasdaq-amex.com.
With a closing Bid Price on April 29, 1999 of $10.09 and nearly 50 million shares of
Common Stock issued and outstanding, the Company has a Market Capitalization of
approximately $500 million. With a Public Float of approximately 4 million shares the
Market Value of the Public Float is over $40 million.
Steve Bradford, Hitsgalore.com CEO, said: "We are pleased that 60% of the directors
are independent and also possess a wealth of talent and practical business experience.
We are certain they will carry out their responsibilities as board members in a fair and
consistent manner that will enhance shareholder value."
The new independent Directors are Melvyn Price, Jr., who brings over twenty years
experience in Information Technology, including 13 years with E.D.S. EDS ; Phillip L.
Kaich, with over twenty years experience in real estate development and sales, and
financial services, including employee benefit plans; and Daniel M. Grant who, for 19
years has been involved in some of the nation's more prominent construction projects,
such as the Getty Museum.
One of the first tasks of the Board will be to ensure that the Company is timely in all of
its filing requirements, including the 1st Quarter 1999 Form 10-Q due May 15, 1999.
The Company is looking forward to releasing its April 1999 revenues, and it is finalizing
the details of a relationship that it hopes to announce early next week.
Hitsgalore.com gives away free lifetime banner placements and banners, generating
revenue from its Keyword Bid & Rank program, banner sponsorship, and Local City
Editions featuring local content. Hitsgalore.com strives to provide porn-free searching
and does not accept or encourage any porn or adult-content listings on its site. The
company believes this compares favorably with other Internet portals and search engine
companies in general, such as Lycos, Inc. LCOS , Excite, Inc. XCIT , Infoseek
Corporation SEEK and Yahoo! Inc. YHOO .
The recent acquisition by Hitsgalore.com of the Internet Division of Solvere, Inc., a
company that has previously partnered with such industry leading companies as
Microsoft MFST , MCI WCOM , Cisco Systems CSCO , Compaq Computer CPQ ,
and Hewlett-Packard HWP , provides Hitsgalore.com control over certain proprietary
internet technologies that will be launched soon.
Hitsgalore also recently announced a partnership with DoubleClick Inc. DCLK for
online advertising. Several other major internet companies, such as America Online
AOL , eBay Inc. EBAY , Amazon.com AMZN , Network Solutions, Inc. NSOL ,
CDnow, Inc. CDNW and priceline.com PCLN conducted major advertising campaigns
in order to increase their name awareness and establish themselves as a Web
destination.
Included in this release 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, as amended, and as that term is defined in the Private Securities Litigation Reform
Act of 1995. Although the company believes that the expectations reflected in such
forward-looking statements are reasonable, it can give no assurance that such
expectations reflected in such forward-looking statements will prove to have been
correct. The company's actual results could differ materially from those anticipated in the
forward-looking statements as a result of certain factors including sales levels,
distribution and competition trends and other market factors. |
