AmeriNet Completes Transition to June 30 Year End, Restructures American Internet Acquisition & Enters into Letter of Intent to Acquire WRI.

BOCA RATON, Fla.--(BUSINESS WIRE)--Oct. 26, 1999--

AmeriNet Group.com, Inc., a publicly held Delaware corporation ("AmeriNet") registered under Section 12(g) of the Exchange Act (current OTC Bulletin Board symbol "ABUY"), announced today that it filed a report on Form 10-KSB for the "short year" ended June 30, 1999 on Friday, October 22, 1999, completing its transition to a June 30 year end.

Because of the use of a "short year" for 1999 (six rather than twelve months), the discontinuance of prior operations and the acquisition of American Internet on June 25, 1999, the financial information does not lend itself to period by period comparison in a meaningful manner, consequently, AmeriNet added separate audited financial information for American Internet as well as pro forma financial information.

The report indicates a material reduction in loss per share (from ($0.10) per share in 1998 to ($0.02) per share in 1999) and a material increase in assets based on the America Internet acquisition, however, that increase is principally attributable to good will which would detrimentally impact earnings over a fifteen year period. The report also discloses that American Internet's operations were negatively impacted by its decision to outsource most of its non sales functions. In order to remedy American Internet's declining sales and the effect of goodwill on future earnings, AmeriNet has:

Renegotiated its agreement with American Internet's former principal stockholders who have agreed to return 932,756 of the 1,486,736 AmeriNet shares originally issued to them in exchange for release from their multi-year employment agreements and $48,000 and agreed to cancellation of all rights to receipt of additional, performance based shares, and,

Entered into a letter of intent to acquire all of the common stock of Wriwebs.com, Inc., a Florida corporation ("WRI") engaged in the web design and hosting business (through its own personnel and resources) in exchange for approximately 500,000 shares of AmeriNet common stock (subject to adjustment based on the price of AmeriNet's common stock).

Unaudited financial statements provided to AmeriNet by WRI for the full fiscal year ended October 19, 1999 disclose total income of $1,327,813, total expenses of $1,199,553 with a net, pretax profit of $125,553. AmeriNet and WRI expect to conclude the proposed acquisition during the fourth calendar quarter of 1999.

AmeriNet Group.com, Inc.

Audited financial statements for WRI's year ended June 30, 1999 would be filed with the Commission within 75 days after its acquisition and may vary based on normal year end adjustments.

It is anticipated that WRI and American Internet would be merged with WRI surviving as a wholly owned subsidiary of AmeriNet, that AmeriNet would invest $300,000 in WRI during the 120 day period following completion of the WRI audit and that WRI's former stockholders would have a two year right to spin out as an independent public company subject to repaying all funds advanced by AmeriNet (with interest) and permitting AmeriNet to retain between 20% to 30% of WRI's common stock.

Noting that WRI's capacity for in house hosting and production would solve American Internet's outsourcing problems, Michael Harris Jordan, AmeriNet's president also observed that "by combining the operations of American Internet and WRI, AmeriNet's web hosting client base would triple from 1,500 current clients to 4,500, with anticipated economies of scale from combined operations adding higher per client profits."

Certain matters discussed in this press release may pertain to "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Such statements may involve risks and uncertainties including but not limited to changes in general economic conditions, access to utilities, prices and costs, interest rates, consumer confidence, competition, environmental factors and governmental regulations.