September 29, 1999

PriceNetUSA.com changes management, stock slide continues

By NPROS Staff

Despite continued growth forecasts for the Newport Beach, California Internet Mall provider, stock prices and rep confidence continue to slide.

Company management recently changed with the separation of Jim Sweeney, formerly of ISI ValueNet. Sweeney joined PricenetUSA.com in a merger that joined ISI ValueNet's Mall with PriceNetUSA.com's start-up venture. Sweeney has since started a new Internet Mall venture, ValueNetUSA.

Stock for the company opened at $5.00 per share through a reverse-merger with a corporate shell. Stock prices in merger situations are arbitrarily set by the company, as they are not yet reporting to the SEC.

Stock prices have remained close the $5.00 mark in slow trading.

Rep confidence seems to have been somewhat eroded by the management changes and lack of functionality of the Internet Mall. One rep commented "It's a great concept, but there needs to be something in the mall to sell, and you have to be able to find it to buy it."

PriceNetUSA.com posted a letter from the CEO explaining the situation with the Mall, and their plans to correct any problems with content and functionality.

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