Sitestar Responds to Mothernature's Press Release.Business Editors ENCINO, Calif.--(BUSINESS WIRE)--Oct. 23, 2000 Sitestar Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :SYTE SYTE Southern Youth Theatre Ensemble (Port Noarlunga, Australia) ), an Internet holding company, today issued a response to Mothernature's (Nasdaq:MTHR MTHR Mobile Telecommunications and Health Research (UK) ) press release. Sitestar withdrew its offer to acquire all of the outstanding shares of MTHR on Friday, after failing to gain management's support. Offering further insight into the transaction, Clinton J. Sallee, Sitestar's president and chief executive officer, commented, "This has been a disheartening dis·heart·en tr.v. dis·heart·ened, dis·heart·en·ing, dis·heart·ens To shake or destroy the courage or resolution of; dispirit. See Synonyms at discourage. experience for us. First, we were unable to gain management's support for our offer. Now, that same management team is trying to re-write history by circulating misleading press releases." Sallee continued, "From my initial correspondence with Mr. Barach in August, I have indicated my desire to gain management's support for our offer and was ready to execute a confidentiality agreement. Sadly, after weeks of delay, MTHR presented us with a document which, if executed, would jeopardize our shareholders because of the unusually onerous clauses it contained. "If Mothernature pledged their full support to our offer, and provided us with a standard confidentiality agreement we would re-engage the process immediately, since we are still eager to complete the transaction provided we receive management's support." About Sitestar Corp. Sitestar Corp. is a diversified Internet holding company that participates, through its wholly owned Web-based subsidiaries, in emerging segments of the Internet such as e-commerce, value-added content, ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. and Portal/Community. Sitestar's wholly owned subsidiaries Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. include Neocom Microspecialists, Sitestar.net, Soccersite.com, Greattools.com and Holland-American.com and has a minority equity investment in Qliq-On Corp. Sitestar corporate headquarters is located at 16133 Ventura Blvd., Suite 635, Encino, Calif. 91436. Telephone 818/981-4519. Facsimile 818/981-2658. Additional information is available on the company's Web site at http://www.sitestar.com. Statements regarding financial matters in this press release other than historical facts are "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, Section 21E of the Securities Exchange Act of 1934 and as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The company intends that such statements about the company's future expectations, including future revenues and earnings, the anticipated stock dividends and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the company's actual results may differ materially from expected results. |
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