Cyco.net Responds to GAO Report.Business Editors ALBUQUERQUE Albuquerque (ăl`bəkûr'kē), city (1990 pop. 384,736), seat of Bernalillo co., W central N.Mex., on the upper Rio Grande; inc. 1890. , N.M.--(BUSINESS WIRE)--Aug. 16, 2002 Today, Cyco.net Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CYKE CYKE Cyber Knife (gaming clan) ) issued a response to GAO's report on Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the cigarette sales. Cyco.net Inc. President Richard Urrea responded to the General Accounting Office's report on Internet taxes Before these efforts could gain much headway, however, the United States Congress preempted virtually all conceivable forms of Internet taxation. The purpose of the 1998 Internet Tax Freedom Act was to nip in the bud these incipient taxation efforts. . Urrea, being one of the retailers interviewed by the GAO, finds fault with the report. The report failed to include the fact that the U.S. Supreme Court has set precedence The order in which an expression is processed. Mathematical precedence is normally: 1. unary + and - signs 2. exponentiation 3. multiplication and division 4. in a tax reporting issue ruling that a state cannot place undue burden on a company that does not have a physical location in the state. Equal treatment under the law was the key issue that the Court reviewed in the last presidential election. Also, the report fails to highlight that the law only applies to cigarettes and not smokeless tobacco smokeless tobacco, n chewing tobacco (leaves) or tobacco powder (snuff) that allows the nicotine to be absorbed through the mucous membrane of the oral cavity or digestive tract. It is related to a high risk of oral cancer. or cigars. These points of contention were shared with the interviewer for the GAO but not included in the report. The company feels that the GAO, which was supposed to supply a comprehensive report that addressed all the issues involved, has not objectively presented the report. Congress should have all the facts before attempting to deal with the issue. Cyco.net Inc. is a leading Internet cigarette and tobacco retailer that operates the Web sites www.cycocigs.com and www.aabakismokes.com. Cyco.net's sites offer premium brands, discount brands and value brands. Cyco.net's cigarette prices are consistently the lowest everyday prices on the Web. Skyrocketing prices and high taxes on cigarettes cause consumers to regularly shop the lowest prices, as well as look for low cost alternatives not available at regular retail cigarette outlets due to competition for limited shelf space. This release contains statements that constitute forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. within the meaning of Section 27A of the Securities Act of 1933, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. , and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. |
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