UNITED STATES SECURITIES AND EXCHANGE COMMISSION

   LITIGATION RELEASE NO. 16680/ September 6, 2000

   SECURITIES AND EXCHANGE COMMISSION v. TORSTEN PROCHNOW D/B/A/
   STOCKREPORTER.DE, DENNIS C. HASS AND WORLD OF INTERNET.COM AG
   C00-3199-MJJ (USDC N.D. Calif.)

   The Securities and Exchange Commission announced today that it filed a
   federal court action in San Francisco against three residents of
   Germany, Torsten Prochnow ("Prochnow") d/b/a Stockreporter.de, Dennis
   C. Hass ("Hass") and World Of Internet.com AG ("WOI"). The
   Commission's complaint alleges that from at least June 1999 through
   the present, Prochnow and Hass, through WOI, a private German
   corporation they own, have touted the stocks of approximately 64
   United States public companies under the name Stockreporter.de. The
   complaint further alleges that the touts have been disseminated
   through postings on Stockreporter.de's Internet website, which may be
   viewed in both the English and German languages, and numerous press
   releases. Moreover, the complaint alleges that during different time
   periods the website contained false statements that Stockreporter.de's
   principals both had "long-term" trading intentions and were not
   compensated for their touting, as well as baseless financial
   projections concerning one of the touted companies. According to the
   complaint, during various periods both the website and press releases
   failed to disclose both the nature and source of such compensation as
   well as the defendants' personal stock sales shortly after the
   touting, which caused the price and trading volume of the stock of
   certain companies to increase significantly in the short term. The
   complaint alleged that on at least 15 occasions, the defendants sold
   their holdings of the touted stocks into the inflated market they
   created, thereby realizing profits of $111,530. This action is part of
   the fourth nationwide Internet fraud sweep conducted by the Commission
   since October 1998.

   The Commission's complaint alleges that Prochnow, Hass and WOI
   violated Section 10(b) of the Securities Exchange Act of 1934 and Rule
   10b-5 thereunder and Section 17(b) of the Securities Act of 1933. The
   Commission seeks disgorgement, a permanent injunction and civil
   penalties. Without admitting or denying the Commission's allegations,
   the defendants have consented to the entry of an order that would
   enjoin them from future violations of the foregoing provisions and
   disgorge $111,530 plus $6,414 in prejudgment interest and would
   require Prochnow and Hass each to pay a $50,000 civil penalty.

   For tips on how to avoid Internet "pump-and-dump" stock manipulation
   schemes, visit . For more information about Internet fraud, visit . To
   report suspicious activity involving possible Internet fraud, visit .