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

To: Q. who wrote (1791)	6/4/1999 11:21:00 AM
From: bob sims	Read Replies (1) \| Respond to of 7056

John, HITTs has only been in existence for two months. Do you know something that I don't that its been around for 2-3 years. Some clarification is needed. I'd like to know to. However irregardless of the news stories. HITTs seems to be one of the few search engines that is making money. Bob BTW:To be quite honest with you however what I don't understand is why HITTs sold the rights to Life Foundation Trust of their City Directory Service. And who really is LFT. ;)

To: Q. who wrote (1791)	6/4/1999 12:24:00 PM
From: StockDung	Respond to of 7056

Hitsgalorecom Seeks to Withdraw 1997, 1998 10Ks 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 of the Internet search-engine company on Feb. 20, 1998, said it ''would not permit its audit to be associated with any filing'' by Hitsgalore.com, according to an SEC filing by the company today. The company said it wants to refile the two reports with no audit for 1996. Hitsgalore.com said the former auditor cited as the reason for its position the 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 report to 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. Hitsgalore.com today also reported first-quarter earnings before taxes of ''approximately'' $207,000 and revenue of $463,000. It didn't provide year-earlier figures. ''Judging from the initial response to our national radio ads, which only began to air this week, we expect to show dramatic increases in the second quarter in both revenues and profits,'' said Steve Bradford, chief executive. Hitsgalore.com operates an Internet search engine. It gives away free banner ads and generates sales from its sponsorships. The company's shares rose 11/32 to 5 17/32 in morning trading. They closed at their high for the year of 20 1/8 on May 10, the day before Reed's involvement with the FTC fraud suit was first reported. Jun/04/ 99 10:51