SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.

Litigation Release No. 17576 / June 20, 2002

   SECURITIES AND EXCHANGE COMMISSION v. MILLENNIUM FINANCIAL, LTD., and
   NEWPONT FIDUCIARIES & NOMINEES, S.A., Civil Action No. 02 CV 3901
   (MBM) (S.D.N.Y.) (filed May 22, 2002)

   SEC OBTAINS PRELIMINARY INJUNCTION AGAINST MILLENNIUM FINANCIAL, LTD.
    FOR RUNNING AN INTERNATIONAL BOILER ROOM OPERATION OVER $1.6 MILLION
                    IN U.S. AND OFFSHORE ACCOUNTS FROZEN

   The Securities and Exchange Commission announced today that on June
   19, 2002, the United States District Court for the Southern District
   of New York entered a preliminary injunction prohibiting Millennium
   Financial, Ltd. ("Millennium") from engaging in the fraudulent offer
   and sale of securities. The Court previously issued a temporary
   restraining order against Millennium on May 22, 2002. (See Litigation
   Release No. 17528 (May 22, 2002)). The Court's June 19, 2002 Order
   directs the continuation of certain relief pending trial, including a
   freeze of Millennium's assets and an order directing Millennium to
   provide an accounting and to repatriate assets held offshore. Over
   $300,000 has been frozen in the United States pursuant to the Court's
   Order. Also, in cooperation with the U.S. Department of Justice, the
   U.S. Attorney's Office for the Southern District of New York, and the
   Federation of St. Kitts and Nevis, over $1.3 million in offshore
   assets have been frozen to date.

   The Commission's Complaint alleges that Millennium has been running an
   ongoing international boiler room operation that has defrauded at
   least 150 investors from over 20 countries out of more than $2
   million. The Commission also sued Newpont Fiduciaries & Nominees, S.A.
   as a relief defendant. The Complaint alleges that Millennium made a
   number of fraudulent statements to investors in connection with the
   offer and sale of the so-called pre-initial public offering (or
   "pre-IPO") stocks of at least three U.S. companies - Key Card
   Communications, Inc., kNutek Holdings, Inc. and Sonic Garden, Inc. The
   Complaint alleges that through unsolicited telephone calls and mass
   mailings, Millennium made fraudulent statements concerning
     * whether and when a U.S. company was going to have an IPO;
     * whether investors could profitably resell their pre-IPO shares
       before the IPO;
     * the price at which the stock would be offered in the IPO itself;
       and
     * the price at which the stock would trade shortly after the IPO.

   Documents filed in support of the Commission's Complaint allege that