Internet Law Library Selected by NASDAQ for Pilot Program

Business Wire, July 31, 2001

Business Editors/Legal Writers

HOUSTON--(BUSINESS WIRE)--July 31, 2001

Internet Law Library (OTCBB:ELAW) announces that it has been selected by NASDAQ as one of 300 OTCBB companies that are to be a part of a Pilot Program designed to protect investors' orders when buying and selling stock. Internet Law Library Inc. was selected as one of the 200 most actively traded OTCBB securities as of August 1, 2001. The program rules can be found at www.otcbb.com./aboutOTCBB/servicerules.stm

Chief Executive Officer Hunter M.A. Carr said, "It is good for NASDAQ to implement rules for OTCBB companies like the rules of NASDAQ for small cap companies. My understanding is that members of the NASD must now use the same diligence in finding the best price when trading OTCBB program companies as they would when trading NASDAQ national markets and small cap securities. This may stop some of the manipulation of small trades by use of excessive spreads."

Internet Law Library Inc. owns subsidiaries operating Internet sites that provide subscription access to databases used for tracking pending legislation and for performing legal and medical research. They are: National Law Library (http://www.itislaw.com), GoverNet Affairs (http://www.govaffairs.com), Brief Reporter (http://www.briefreporter.com), Compass Data Systems (http://www.compassdata.com), Venco Compliance Inc. (http://www.itisvenco.com) and IT/IS Inc. (http://www.itisinc.com).

Except for the historical information contained in this press release, certain statements in this release are forward-looking statements within the meaning of "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Internet Law Library Inc. and/or its subsidiary companies to be materially different from those expressed or implied by such forward-looking statements. Such factors include: general economic and business conditions; competition; success of operating initiatives; development of capital and operating costs; market conditions; advertising and promotional efforts; adverse publicity; changes in business strategy or development plans; quality of management and other personnel; and government regulations.