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EXHIBIT 99.2
STAN LEE MEDIA RECEIVES NOTICE OF
INFORMAL SEC INQUIRY
ENCINO, CALIFORNIA - January 2, 2001 - Stan Lee Media, Inc. (NASDAQ: SLEE)
announced today that it has received notice of an informal inquiry by the
Securities and Exchange Commission. The inquiry seeks to gather information
regarding securities trading in the company's stock by certain individuals and
entities. In addition, during its internal investigation, the company has
discovered evidence of possible misuse of company funds by some former members
of the company's management team.
"The company plans to cooperate fully with the investigation and to turn over to
the SEC any information in its possession which may be helpful to the
investigators," stated Kenneth Williams, President and Chief Executive Officer
and Stan Lee, Chief Creative Officer of the company. "Management is continuing
its discussions regarding strategic alternatives for the company, and presently
we do not believe that these developments will adversely affect the company's
near term strategic plans."
Stan Lee Media also announced that it had terminated its consulting agreement
with Paraversal, Inc., the consulting company through which Stan Lee Media
retained the services of Peter F. Paul, and the employment agreement with
Stephen Gordon, the former Executive Vice President/Operations of Stan Lee
Media.
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