John Westergaard At Westergaard.com Predicts Practice of Payment for Stock Recommendations With Stock and Warrants is On the Out.

NEW YORK--(BUSINESS WIRE)--July 15, 1999--

Says Yesterday's Wall Street Journal Lead Story Exposing Hidden

Scandal Begins the End Game for Secret Deals Bilking Investors

"The practice whereby small companies incentivize stock promoters and sleazy investment bankers with under the table stock and warrants which they then unload on unsuspecting investors is on its way out," says John Westergaard, Editor and Publisher of Westergaard.com, Inc. (OTCBB:WSYS) and developer of the WBNcyberStation, an original concept for presenting institutional grade investment research to Internet investors.

"But that's not to say that corporate sponsored research isn't coming to the Internet," he went on to say. "There is no business model that I can foresee that will allow for institutional grade investment research to be made available to Internet investors other than sponsored. A technique for doing that in a credible format is what we have achieved with the WBNcyberStation format where investors can access 30-40 pages of up to date, in-depth analysis of micromidcap companies."

In response to questions posed to him yesterday following a Wall Street Journal story depicting sleazy stock promoters and investment bankers receiving payment under the table with stock and warrants for issuing research recommendations, Mr. Westergaard issued the following commentary in Q&A form:

QUESTION: The WSJ article of July 14th is about stock and warrants being issued under the table by companies in return for stock research and buy recommendations. What is the policy of Westergaard.com and its publishing arm, Westergaard Broadcasting Network.com, Inc. (WBN), with regard to this kind of thing?

WBN: WBN does not issue buy recommendations on stocks and it does not accept compensation for research in the form of warrants, stock, or any other form of compensation related to stock performance. Its research is designed to assist the professional investor and informed private investor to understand the investment characteristics of a WBNcyberStation Member Affiliate so that they may be better informed in making their own decisions as to whether to invest.

QUESTION: How can you afford to provide the in-depth research -- 30 to 40 pages including ProVestor -- as presented at a WBNcyberStation?

WBN: An annual fee of $48,000 is charged for construction and maintenance of a WBNcyberStation of which 37.5% is allocated directly to research provided by a qualified senior security analyst (see "Meet Our Analysts" at www.wbn.com) and other directly related cyberstation expenses (including telecommunications and analyst travel), 25% is allocated to advertising expense, and 37.5% is allocated to corporate overhead (editors, webmaster, technology, staff, equipment, services, management and profit).

QUESTION: Why should investors view your research as credible if you are receiving compensation, even if it isn't share price related?

-- WBN and predecessors have a 40 year reputation to a fault

for honest, original forthright research.

-- Member Affiliates are pre-screened to assure that WBN and

its analysts are comfortable with the business, the

management and other people involved before accepting an

assignment to construct a WBNcyberStation.

-- Check the backgrounds of our staff of eight Contributing

Analysts, all of whom have established reputations and

experience with top firms.

-- WBN research is issued without prior review by management

other than as to fact. All estimates, projections, matters

of fact, assumptions and opinions remain the sole

responsibility and property of WBN.

-- Member Affiliates are committed to a non-cancelable one year

contract without prior review as to material published at

their cyberstations.

QUESTION: Why, to begin with, would a company see a need to become a WBN Member Affiliate and have a WBNcyberStation constructed and maintained?

WBN: Public companies have always needed professional research coverage. Now, with the Internet emerging as an influential market force they need it more than ever to properly inform investors and to counteract the risk of having their "Internet persona" defined by hostile forces. WBN offers a standing $5,000 reward for information leading to the identification of persons posting fraudulent or otherwise purposefully misleading information about WBN Member Affiliates on Internet message boards.

QUESTION: Is there an existing, established business model from which the WBNcyberStation concept has been drawn?

WBN: The closest thing would be the debt rating services -- S&P and Moody's -- which began rating commercial paper for a fee in the 1960's, a radical idea at the time. Initially, virtually no companies showed up because they didn't think they needed to to have their credit reviewed for a fee. Why would institutions consider "paid research" credible, they argued?

Then came the day the Penn Central railroad declared bankruptcy. The commercial paper market disappeared overnight. The next morning the CFOs of companies with commercial paper outstanding were lined up on the sidewalk outside S&P and Moody's seeking to get rated. That was the beginning of a big business for these rating services. What was a three man department at S&P in those days has now grown to a worldwide 1200 person staff comprised mostly of professionals with advance degrees.

ABOUT WBN: Westergaard Broadcasting Network.com (wbn.com), an Internet broadcaster of financial "webzines" at www.wbn.com, is a service of Westergaard.com, Inc. (OTCBB:WSYS). Other services are Westergaard Year 2000 (www.y2ktimebomb.com) and Westergaard's Portal-to-Wall Street (www.portal-to-wallstreet.com), "The Thinking Investor's Gateway to the Internet."