SECURITIES AND EXCHANGE COMMISSION v. GEORGE SCHLIEBEN,
         Civil Action No. 98CV-5689 (E.D. Pa.)

         LITIGATION RELEASE NO. 15951 / October 27, 1998

             The Securities and Exchange Commission announced
         that, on October 27, 1998, it filed a complaint in the
         United States District Court for the Eastern District
         of Pennsylvania against George Schlieben, of Yardley,
         Pennsylvania.  The complaint alleges that Schlieben,
         the sole editor and publisher of an online newsletter
         called Global Penny Stocks ("GPS"), failed to disclose
         the amount of compensation he received from issuers,
         either directly or indirectly, for recommending their
         stocks, in violation of Section 17(b) of the Securities
         Act of 1933 ("Securities Act"), the anti-touting
         provision.  Based on these violations, the Commission
         seeks a permanent injunction and civil penalties
         against Schlieben.

             The complaint alleges that since approximately
         September 1996, Schlieben has posted at least 29
         editions of the GPS newsletter, each containing a self-
         described "Special Research Report" ("Report").  Each
         of these Reports, which are nothing more than paid
         advertisements, are available for free on Schlieben's
         website located at www.pennystock.com.  In each of the
         Reports, Schlieben writes favorably about a particular
         penny stock company and recommends the purchase of the
         stock.  As compensation for these favorable reports and
         recommendations, Schlieben is paid a fee directly from
         the issuer or from an investment relations company
         acting on behalf of the issuer.  In each of the
         Reports, Schlieben discloses in small type that he
         receives a fee from the issuer or investor relations
         firm to write the Report.  However, although Schlieben
         charges from  $2,250 to $5,150 for each Report, and has
         received to date total compensation of approximately
         $105,500, he failed to disclose in his newsletters the
         amount of compensation paid to him by or on behalf of
         the issuers whose stock he recommended, as required by
         Section 17(b) of the Securities Act.