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

To: Q. who wrote (1785)	6/4/1999 10:53:00 AM
From: bob sims	Respond to of 7056

Hitsgalore.com Seeks to Withdraw Annual Reports for 1997, 1998 Hitsgalore.com Seeks to Withdraw Annual Reports for 1997, 1998 Rancho Cucamonga, California, June 4 (Bloomberg) -- Hitsgalore.com Inc. said it asked the Securities and Exchange Commission for permission to withdraw its annual reports for 1997 and 1998 because its former auditor refused to allow it to include its audit for 1996. Ernst & Young LLP, which resigned as auditor on Feb. 20, 1998, said it ''would not permit its audit report to be associated with any filing'' of Hitsgalore.com, according to a filing made by the company with the SEC this morning. The company said it wants to refile the two reports with no audit for 1996. The company said the former auditor cited as its reason the Internet company's disclosure May 26 that Dorian Reed, its majority shareholder and founder, spent 10 months in a federal prison after being convicted of wire fraud in 1992. On May 11, it was reported that a federal judge ordered Reed and his wife, Audrey, to pay $613,110 to 100 customers they defrauded at another Internet company two years ago. The Reeds were sued by the Federal Trade Commission. Reed quit as director and chief technology officer of Hitsgalore.com on May 13 after the revelation of the FTC suit. He remains ''a key person who provides services to the company,'' according to the May 26 10-K filing with the SEC that disclosed his criminal conviction. The company said in the May 26 filing that Reed is exploring his legal options in the FTC matter and that his departure from management is temporary while the board investigates. NYSE/AMEX delayed 20 min. NASDAQ delayed 15 min.