Evans Systems, Inc. Reaffirms Merger Agreement with I-Net Holdings, Inc.

Business Editors & High-Tech Writers

BAY CITY, Texas--(BUSINESS WIRE)--Feb. 23, 2000

Evans Systems, Inc. (OTC BB:EVSI) announced today that it is reaffirming its merger agreement with I-Net Holdings of Dallas, Texas in light of the recent decision by the NASDAQ national market to delist the Company's securities. I-Net Holdings will be filing an initial listing application following the filing of the proxy to apply to have its securities listed by NASDAQ.

I-Net Holdings is a newly formed company that will be primarily engaged in the business of acquiring, developing and managing a network of business to business (B2B) e-commerce companies at various stages. I-Net will provide strategic guidance and operational support to include: Sales and Marketing, Executive Recruiting/HR, Information Technology, Finance, Business Development, Advertising Solutions, and Integration/Cross selling of Products and Services. I-Net presently has targeted several e-commerce companies for development into the I-Net business model.

Evans Systems also announced that J.L. Evans, Sr. has decided to retire as the CEO of Evans Systems upon the closing of the merger and will not remain on the merged company's board of directors.

Mr. Dix, CEO of I-Net stated, "Under NASDAQ rules I-Net Holdings is required to meet the initial listing requirements to be listed on NASDAQ National Markets. We believe the recent decision by NASDAQ to delist EVSI should not impact I-Net Holdings' ability to be listed on NASDAQ National Markets. We are committed to successfully completing the proposed merger with Evans Systems."

About Evans Systems, Inc.

Evans Systems, Inc. is currently repositioning itself as a provider of e-commerce marketing and advertising. Currently, business segments include: Convenience Stores, a chain of retail outlets in South Texas; Petroleum Marketing, a distributor of petroleum products; and EDCO Environmental, Inc. which provides environmental soil remediation services.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbors created hereby. Investors are cautioned that all forward-looking statements contained herein are reasonable, and assumptions could be inaccurate, and therefore, there can be no assurance that forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the objectives and plans of the Company will be achieved.