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EXHIBIT 99.1
INTERNET SPORTS NETWORK, INC. APPOINTS A BOARD MEMBER;
ANNOUNCES REVERSE STOCK SPLIT
PALO ALTO, CA, JUNE 16, 2000 -- Internet Sports Network, Inc. (OTC Bulletin
Board: ISNI) announced today that Mr. J. Thomas Murray has been appointed to the
Board of Directors. Mr. Murray has worked for over 29 years in the media and
marketing business with industry leaders throughout North America as well as
within the European marketplace. He was recently appointed as the Company's
President & COO subsequent to the completion of the acquisition of St. Clair
Group Investments, Inc. by ISNI. Mr. Murray replaces Ken Crema who stepped down
to pursue personal interests. Mr. Geoff Ford has also resigned as a Director but
still remains as part of the Senior Management team and will continue to act as
an advisor to the Board.
ISNI also announced that its Board of Directors had approved a 1-for-6 reverse
stock split whereby every six outstanding shares of common stock and preferred
stock will be converted into one share of outstanding common stock or preferred
stock. In addition, the number of authorized shares will be adjusted from 100
million shares of common stock and 20 million shares of preferred stock to 16.66
million of common stock and 3.33 million shares of preferred stock respectively.
The record date of the reverse stock split will be June 27, 2000 and will be
effective for trading beginning on Wednesday June 28, 2000.
ABOUT INTERNET SPORTS NETWORK, INC.
Internet Sports Network is a leading applications service provider of web-based
games, contests, and promotions that help deliver strategies for stickiness to
the Internet's leading brands. With over 2,000,000 registered users, Internet
Sports Network, Inc., through its site, WWW.SPORTSROCKET.COM and five wholly
owned subsidiaries, is a leading provider of Internet-based sports entertainment
and investment contests featuring fantasy leagues, retailing, advertising,
promotions and a sports memorabilia and merchandise auction site. The Company
also creates revenue streams from traditional media sponsorships, broadcasting,
signage and print publishing. ISNI has been developing and operating online
sports entertainment and contest applications since 1997, and similar offline
products since 1985.
INFORMATION CONCERNING FORWARD-LOOKING STATEMENTS. THIS RELEASE CONTAINS
FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS MAY BE AFFECTED BY
THE RISKS AND UNCERTAINTIES IN THE COMPANY'S BUSINESS. SUCH STATEMENTS RELATING
TO, AMONG OTHER THINGS, THE PROSPECTS FOR THE COMPANY TO INCREASE THE LEVEL OF
SALES, GROW THE NUMBER OF USERS/BUYERS OR INCREASE TRAFFIC TO ITS SITES ARE
NECESSARILY SUBJECT TO RISKS AND UNCERTAINTIES, SOME OF WHICH ARE SIGNIFICANT IN
SCOPE AND NATURE, INCLUDING, BUT NOT LIMITED TO, THE RISKS RELATED TO ANY
NEGATIVE PRESSURE ON ISNI'S STOCK PRICE AS A RESULT OF THE STOCK SPLIT, THE
DEMAND FOR THE COMPANY'S PRODUCTS AND/OR SERVICES, COMPETITION, AND AVAILABILITY
OF CAPITAL.
For more information on Internet Sports Network, Inc. contact:
Investor Relations: Mark E. Merhab, M&M Enterprises, Inc. 949.644.7348
[email protected]
