SECURITIES AND EXCHANGE COMMISSION
                                      Washington, D.C.

             LITIGATION RELEASE NO.   15955 / October 27, 1998

             SECURITIES AND EXCHANGE COMMISSION v. EDWARD B. TAXIN and
             THE TAXIN NETWORK, 98 Civ. 7661 ( KMW) (S.D.N.Y.)

                  The Commission filed suit in federal court in New York
             yesterday against  the host of a radio infomercial show, Ed
             Taxin.  Taxin also publishes an investment newsletter on his
             website, Taxin.com.  Taxin's show, "The Financial Hour,"
             airs on six stations across the country, including New York,
             and is broadcast from Taxin's Shrewsbury, New Jersey
             residence.   The Commission charged Taxin and the Taxin
             Network with promoting stocks on the Financial Hour and his
             newsletter, Investors Chronicle, without disclosing that he
             is compensated for the touts, as follows.  The Taxin Network
             (owned by Taxin's wife, Joanne Pagano) has agreements with
             numerous small-cap companies, including Envoy Communications
             Group, Inc., PTC Group, Inc., Sungold Gaming International
             Inc., Telepad Corp., VentureTech, Inc., and Wolf Industries,
             Inc.  These companies or their agents have paid the Taxin
             Network at least $200,000 in cash or stock for promotional
             services, including exposure on the Financial Hour and in
             the Investors Chronicle.  On the Financial Hour, Taxin
             introduces a series of guests, including promoters from
             investor-relations firms and officers of the companies.
             Taxin joins with his guests in their rosy predictions for
             the companies they represent, mixing in Wall Street patter
             to convey the impression of objective financial reporting.
             Taxin introduces the promoters as Wall Street notables and
             stock-pickers, disguising their relationship with the
             companies they represent.

                  The compensation received by the Taxin Network is not
             adequately disclosed on the radio show or in the newsletter.
             The only disclosure on the radio show is generally that the
             guests (or some of the guests) have paid a fee to appear on
             the show or that Taxin owns shares in some of the companies
             discussed.  Taxin's internet site contained no disclosure at
             all of the compensation until Taxin was contacted by the
             Commission's staff; the new disclosure is not adequate.  The
             Commission, seeking a permanent injunction and penalties,
             alleges that Taxin and the Taxin Network are in violation of
             Section 17(b) of the Securities Act of 1933, which requires
             that all such compensation, and its amount, be fully
             disclosed.