SECURITIES AND EXCHANGE COMMISSION

LITIGATION RELEASE NO. 16944 / March 23, 2001

   UNITED STATES SECURITIES AND EXCHANGE COMMISSION v. Gateway
   Technologies, Inc., The Cheyenne Holding Corp., Randolph S. Ross and
   Timothy J. Kavanagh, Case No. 99-8378-CIV-ZLOCH, U.S. District Court,
   Southern District of Florida.

   The Securities and Exchange Commission ("Commission") announced today
   that the U.S. District Court for the Southern District of Florida
   entered final judgments imposing permanent injunctive and other relief
   against all defendants in a case the Commission filed in May 1999
   against Gateway Technologies, Inc. ("Gateway"), The Cheyenne Holding
   Corp. ("Cheyenne"), Randolph S. Ross and Timothy J. Kavanagh. The
   Commission alleged that all defendants violated Section 17(a) of the
   Securities Act of 1933 ("Securities Act") and Section 10(b) of the
   Securities Exchange Act of 1934 ("Exchange Act") and Rule 10b-5
   thereunder by offering and selling investments in Gateway -- a company
   purportedly building an internet telephone system -- by way of false,
   misleading and incomplete information. It also alleged that defendants
   Cheyenne, Ross and Kavanagh violated Section 15(a) of the Exchange Act
   by acting as brokers while not registered with the Commission.

   The Court entered a default final judgment against Gateway on June 30,
   2000, permanently enjoining Gateway from violating Securities Act
   Section 17(a) and Exchange Act Section 10(b) and Rule 10b-5, and
   ordering payment of $3.3 million in disgorgement, over $300,000 in
   prejudgment interest, and a civil penalty of $110,000. The Court
   entered final judgments against Cheyenne, Ross and Kavanagh by consent
   on August 7, 2000, permanently enjoining these defendants from
   violating Section 17(a) of the Securities Act and Sections 10(b) and
   15(a) of the Exchange Act and Rule 10b-5. The judgments against
   Cheyenne and Ross further order that these defendants are jointly and
   severally liable for disgorgement of $1,373,378.21 plus prejudgment
   interest, but payment of all but $70,805.47 of that amount was waived
   as to Cheyenne, and payment of the entire amount was waived as to
   Ross, and no civil penalties were imposed based upon the demonstrated
   inability of Cheyenne and Ross to pay. The judgment against Kavanagh
   orders that Kavanagh is liable for disgorgement of $20,000 plus
   prejudgment interest, but payment of the disgorgement was waived and
   no civil penalties were imposed based upon Kavanagh's demonstrated
   inability to pay.

   The Commission filed its complaint in the United States District Court
   for the Southern District of Florida, since Cheyenne was located in
   Delray Beach, Florida and Ross and Kavanagh lived in the Delray Beach
   area. Gateway was based in Santa Monica, California. The Court entered