SECURITIES AND EXCHANGE COMMISSION

               Litigation Release No. 16029 / January 19, 1999

               CALIFORNIA V. MATTHEW PETER BOWIN
               Santa Cruz County Superior Court, No. S8-087l9.


               TEN YEAR PRISON TERM IN INTERNET FRAUD CASE

               On  October  30,  1998,  Matthew  Peter  Bowin ("Bowin") was
               sentenced  to a ten-year prison term by the  Superior  Court
               for the County  of  Santa  Cruz,  California.  Bowin will be
               eligible for parole after five years.   The  Court  has also
               ordered  that  restitution  be  made  to  certain of Bowin's
               victims.   The  sentence  follows Bowin's conviction  on  54
               felony  counts, including fraudulently  obtaining  money  in
               connection   with   the  sale  of  securities,  in  a  trial
               prosecuted by the Santa Cruz County District Attorney.

               The  Securities  and  Exchange   Commission   ("Commission")
               previously  filed  a civil complaint against Bowin  and  his
               company, Interactive  Products  and  Services  ("IPS").  The
               Commission's  complaint  alleges  that  Bowin  conducted   a
               fraudulent initial public offering over the Internet between
               November  1996  and  July  1997.  The Commission's action is
               currently pending in the United  States  District  Court for
               the  Northern  District  of  California, Case No. C-98-20313
               (PVT).