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SmartServ Announces Reverse 6:1 Stock Split.

STAMFORD, Conn.--(BUSINESS WIRE)--Oct. 26, 1998--SmartServ Online, Inc. (OTC-BB:SSOL), a leading Internet information provider and developer of customized online information services, announced today that its Board of Directors had approved a one for six reverse stock split to be effective today.

Under the terms of the reverse split, one new, post-split share will be issued for each six old, pre-split shares, with fractional shares to be settled by the company in cash. To indicate the reverse stock split, the Company's trading symbol will be temporarily changed to "SSOLD." Sam Cassetta, SmartServ Online's chairman and CEO, explained that "the reverse split is the next step in our strategic strengthening and recapitalization of the Company."

Launched in 1993, SmartServ Online offers a wide range of online information and transactional services designed to meet the varied needs of clients of strategic marketing partners, as well as direct subscribers. These include: investment newsletters, stock research reports, stock quotes, nationwide residential directory services, business and financial news, research and analysis reports, stock trading reports, lottery and Powerball results, electronic mail, sports information, national weather reports and other business and entertainment information. Using proprietary software, these services can be bundled and delivered via standard phone lines or the Internet to a wide range of electronic devices, including screen-based phones, personal computers (PCs), personal data assistants (PDAs), alpha-numeric pagers, personal communications systems (PCS) "smart phones" and interactive voice response systems. Recognizing the rapid advances of new and emerging technologies, SmartServ's software allows its services to be "device independent," enabling the services to be accessed by any of these newly developed devices.

This release contains forward looking statements that are subject to risks and uncertainties, including, but not limited to, the impact of competitive products and pricing, the volatility of international markets, product demand and market acceptance, new product development, reliance on key strategic alliances, availability of raw materials, the regulatory environment, fluctuations in operating results and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
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Publication:Business Wire
Geographic Code:1USA
Date:Oct 27, 1998
Words:338
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