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Microcap & Penny Stocks : HITSGALORE.COM (HITT) -- Ignore unavailable to you. Want to Upgrade?

To: Dako who wrote (566)	5/11/1999 3:23:00 PM
From: PK	Respond to of 7056

Hitsgalore.com Responds to Bloomberg Article May 11, 1999 03:12 PM RANCHO CUCAMONGA, Calif.--(BUSINESS WIRE)--May 11, 1999-- Hitsgalore.com, Inc. HITT , in response to a Bloomberg article, today stated that it stands by all documents filed on behalf of the company with the SEC. Steve Bradford, CEO said, "Based on an initial investigation conducted by management, I do not believe that the company has made any fraudulent filing with the SEC or has violated the representations and warranties in the merger agreement in any way, as implied in the article. However, we have appointed a committee of independent directors to fully investigate this matter." The Bloomberg article came as a shock to the Company. Mr. Reed has informed the company that, although he was aware that the FTC had initiated action in February, 1998, he thought the matter was resolved and he was unaware that the FTC had taken any further action or sought a judgement as described in the article. Mr. Reed stated: "More than one year ago I received the complaint from the FTC. I personally responded without the aid of a lawyer and I denied all allegations. I have heard nothing since I responded and I assumed the matter was taken care of last spring." Jeanette Wilcher, trustee of the Life Foundation Trust stated, "The Life Foundation Trust is interested in the products and services of Hitsgalore.com. We support completely the company and those products and services. No rumor concerning the personnel is of any interest to us. We expect to finalize our equity investment in Hitsgalore.com as soon as possible with the full approval of the shareholders of the company." The previous business in question, Internet Business Broadcasting, Inc. was shut down in 1997. The record at the FTC website reflects that the FTC filed a complaint alleging spamming on February 19, 1998, and there was no further action until a Motion for Default Judgement against Reed filed March 30, 1999. Mr. Reed has informed the company that he did not receive a copy of the motion. Other information contained at the FTC website indicates that the FTC, in responses submitted to the US House Committee on Commerce, took action against several internet businesses "regarding fraud in electronic commerce." In addition to Internet Business Broadcasting, Inc., the activities listed by the FTC at its website includes such well-known internet businesses as America Online, Inc., Prodigy Services Corporation and CompuServe, Inc.

To: Dako who wrote (566)	5/11/1999 3:24:00 PM
From: DanielleC	Respond to of 7056

Hitsgalore.com Responds to Bloomberg Article May 11, 1999 03:12 PM RANCHO CUCAMONGA, Calif.--(BUSINESS WIRE)--May 11, 1999-- Hitsgalore.com, Inc. HITT , in response to a Bloomberg article, today stated that it stands by all documents filed on behalf of the company with the SEC. Steve Bradford, CEO said, "Based on an initial investigation conducted by management, I do not believe that the company has made any fraudulent filing with the SEC or has violated the representations and warranties in the merger agreement in any way, as implied in the article. However, we have appointed a committee of independent directors to fully investigate this matter." The Bloomberg article came as a shock to the Company. Mr. Reed has informed the company that, although he was aware that the FTC had initiated action in February, 1998, he thought the matter was resolved and he was unaware that the FTC had taken any further action or sought a judgement as described in the article. Mr. Reed stated: "More than one year ago I received the complaint from the FTC. I personally responded without the aid of a lawyer and I denied all allegations. I have heard nothing since I responded and I assumed the matter was taken care of last spring." Jeanette Wilcher, trustee of the Life Foundation Trust stated, "The Life Foundation Trust is interested in the products and services of Hitsgalore.com. We support completely the company and those products and services. No rumor concerning the personnel is of any interest to us. We expect to finalize our equity investment in Hitsgalore.com as soon as possible with the full approval of the shareholders of the company." The previous business in question, Internet Business Broadcasting, Inc. was shut down in 1997. The record at the FTC website reflects that the FTC filed a complaint alleging spamming on February 19, 1998, and there was no further action until a Motion for Default Judgement against Reed filed March 30, 1999. Mr. Reed has informed the company that he did not receive a copy of the motion. Other information contained at the FTC website indicates that the FTC, in responses submitted to the US House Committee on Commerce, took action against several internet businesses "regarding fraud in electronic commerce." In addition to Internet Business Broadcasting, Inc., the activities listed by the FTC at its website includes such well-known internet businesses as America Online, Inc., Prodigy Services Corporation and CompuServe, Inc.