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EXHIBIT 99.1
NEWS RELEASE
[LOGO]
INTERNET SPORTS NETWORK ANNOUNCES ITS PLANS TO CEASE OPERATIONS
PALO ALTO, CA, DECEMBER 28, 2000 -- J. Thomas Murray, President and CEO of
Internet Sports Network, Inc. (OTC Bulletin Board: ISPS), announced today that
the Company has failed to secure additional funding and therefore will be
ceasing operations effective immediately.
As previously disclosed in the Company's Form 10-Q for the quarter ended
September 30, 2000 filed with the SEC on November 20, 2000, the Company had been
in default with three loans, its promissory note and its Series 1 convertible
debentures since the quarter ending June 30, 2000. The Company previously stated
in such Form 10-Q that it would need to cease operations and seek protection
under federal bankruptcy laws if the Company was unable to obtain equity or debt
financing or generate additional cash through the sale of assets by November 30,
2000. The Company was unable to obtain funding through any of these three
sources. As a result, the Company was forced to release all employees on
December 21, 2000.
J. Thomas Murray will continue to serve as the Company's Chief Executive Officer
and will supervise the analysis of the Company's financial position and
implementation of subsequent action plan.
For more information on Internet Sports Network, Inc. contact:
Investor Relations: (416) 599-8800 [email protected]
FORWARD-LOOKING STATEMENTS AND COMMENTS IN THIS PRESS RELEASE ARE MADE PURSUANT
TO THE SAFE-HARBOR PROVISIONS OF SECTION 21E OF THE SECURITIES EXCHANGE ACT OF
1934. FOR MORE INFORMATION, CONTACT THE COMPANY'S INVESTOR RELATIONS DEPARTMENT
AND/OR REFER TO THE COMPANY'S FINANCIAL SEC FILINGS ON EDGAR.
