Systems Communications, Inc. Announces Close of Merger with Hitsgalore.com.CLEARWATER, Fla.--(BUSINESS WIRE)--March 15, 1999--Systems Communications, Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:SCMI SCMI Southern California Marine Institute (Terminal Island, CA) SCMI Supply Chain Management Institute SCMI South Carolina Military Institute ) announced that it closed its reverse merger transaction in escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. on Friday, March 12, 1999. The closing in escrow allows SCMI to determine the record date for both the reverse split of its stock and the dividend distribution of the shares of its subsidiary, International Healthcare Solutions, Inc. (IHSI IHSI Induction Heating Stress Improvement ) and resolve its remaining debts. Over the next few days additional details about the reverse stock split will be announced. Following the reverse split, the name of the company will be changed to Hitsgalore.com, Inc. and a new trading symbol Trading symbol See: Ticker symbol announced. The company is seeking HITS as its symbol. Hitsgalore.com will then be the public entity, with little or no debt and a profitable Internet business model. As required in the Merger Agreement, all officers and directors of SCMI must resign, all of the assets, business and affairs of SCMI transferred to IHSI, and none of the present SCMI management will be involved in any way with Hitsgalore.com. In addition, all major shareholders of SCMI stock have voluntarily agreed to "lock-up agreements" covering their Hitsgalore.com stock that only allows them to sell small amounts based on weekly trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. . Steve Bradford, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Hitsgalore explained, "Because SCMI was not a Internet company, and because of past difficulties encountered by SCMI, we believe it is important to make a clear distinction between the old SCMI and the new Hitsgalore.com. There will be no Hitsgalore.com personnel or administrative offices in Florida, because the current SCMI offices and staff will be under the control of IHSI. And Hitsgalore.com will be busy focusing on new search technologies and expanding its Local City Editions." Hitsgalore.com (http://www.hitsgalore.com) is an Internet search community that means business, with a business model of offering Free Lifetime Banner Placement, a Keyword Bid & Rank program and Local City Editions featuring local content. Unlike many search engines, Hitsgalore.com strives to provide porn-free searching and does not accept or encourage any porn or adult listings on its site. Financial statements in this press release other than historical facts are "forward-looking" statements 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. Systems Communications, Inc. and Hitsgalore.com intend that such statements about either company's future expectations, including future revenues and earnings, and all other forward-looking statements are 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 could differ materially from expected results. |
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