Global Online India Seeks SEC Probe Into Market Maker Fraud

Business Wire, Sept 13, 2000

Business Editors

FAIRFIELD, Iowa--(BUSINESS WIRE)--Sept. 13, 2000

Global Online India, trading under the symbol: GOLX on the OTC: BB, who launched its Indian internet portal and started trading on the over-the-counter bulletin board market only weeks ago, today asked the United States Securities and Exchange Commission (SEC) to immediately start an investigation into the possible market manipulation and potential fraud concerning the trading of the company's stock by OTC: BB market makers.

Although the GOLX stock has been up over 1200% in the last six weeks, following a recent merger and a 200% stock dividend, the company claims that mysterious "block trades" have possibly been "crossed " or "washed" by some of the stocks' market makers with the intent of artificially moving the stock price lower to protect the market maker's position in the stock. "We have worked very hard to build what we feel is truly the number one global internet portal in all of India and the market capitalization of our company is beginning to reflect this value in a very real and concrete manner. The market makers artificial downward manipulation of this new stock may very well be illegal," said Dr. Christopher W. Hartnett, Chairman and founder of Global Online India.

"A thorough and complete investigation into the recent GOLX trading history will most likely yield patterns of manipulation and fraud. Such market activity usually goes unnoticed or unchallenged because of the fear of retribution. We expect the free and fair trading of our company's stock and we respectfully ask the regulatory agencies to fully support this investigation into potentially illegal market manipulation. This inquiry is in no way intended to malign or discredit the many hardworking, fair, and honest professionals trading in the securities industry." said Dr. Hartnett.

Global Online India is one of the premier providers of e-commerce services and e-business solutions to the 1.0 million Internet users in India and to the approximate 20.0 million Indian expatriates around the world through its meta-hub "www.GOLindia.com". This international meta-hub currently provides a range of business services such as: online forms for Indian taxation, customs, and import/export businesses; a loan finding service; Indian rail, air and movie tickets; online insurance and credit card applications; online medical and legal advice; and web stock trading and advanced technical analysis; among others. General services for end-users and small businesses include: news, chat, Bollywood, e-greetings, sports, stock information, auctions, classifieds, yellow and white pages, and jobs.

Global Online India is affiliated with Global Online, Inc. (GOL), which is a wholly-owned subsidiary of USA Global Link, a major pioneer since 1992 in the discount international telecommunication service providing arena. Global Online (GOL), an international meta-hub located at "www.GlobalOnline.com", is the world's first global gateway to international life and world trade, providing B2B and B2C e-commerce services through its 5,680 web sites in 18 languages and 29 currencies in over 120 countries worldwide.

This press release contains forward-looking statements that are subject to risks and uncertainties. Any statements that are not statements of historical fact (including without limitation statements to the effect that the Company or its management "believes," "expects," "anticipates," "plans" and similar expressions) should be considered forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, uncertainties related to demand for the company's services; costs of operation; competition; changes in laws or regulations or in their interpretation; technological changes; economic conditions and other risks described from time to time in the Company's filings with the Securities and Exchange Commission.