SECURITIES AND EXCHANGE COMMISSION
                                  Washington, D.C.

          Litigation Release No.  16064  /  February 18, 1999

          SECURITIES AND EXCHANGE COMMISSION v. GLITTERGROVE INVESTMENTS
          LTD., U.S. District Court for the Southern District of New York,
          99 Civ. 1153 (SHS) (SDNY 1999)

               The Securities and Exchange Commission today announced that
          on February 17, 1999, it filed a civil action against
          Glittergrove Investments, Ltd., an Irish corporation with
          addresses in Dublin, the Isle of Jersey and the Isle of Man,
          alleging that Glittergrove participated in unregistered
          distributions of the common stock of two companies:  Citron, Inc.
          and Electronic Transfer Associates, Inc.  The Honorable Sidney H.
          Stein, United States District Judge, Southern District of New
          York, issued a temporary restraining order barring Glittergrove’s
          future violations of the registration provisions and temporarily
          freezing at least $2.5 million in proceeds from sales of Citron
          and ETA made in violation of the registration provisions of the
          federal securities laws.  The Court scheduled a hearing for March
          1, 1999 on the Commission's motion for a preliminary injunction.
          In its action, the Commission is also seeking permanent
          injunctive relief, disgorgement of illegal proceeds with
          prejudgment interest, and civil money penalties based upon
          violations of Sections 5(a) and 5(c) of the Securities Act of
          1933.

               The Commission’s complaint alleges that a group made up of
          defendant Glittergrove and seven other offshore entities,
          represented by Peter C. Tosto (now known as Peter Lybrand),
          acquired shares comprising the bulk of the outstanding common
          stock of Citron and ETA.  These common shares, acquired from
          founding shareholders and groups of their friends, family and
          business associates, were resold in open market transactions by
          Glittergrove and certain other offshore entities when no
          registration statement was in effect.  In documents filed in
          support of the emergency relief, the Commission noted that, of
          the $2.9 million in illegal sales proceeds that once resided in
          Glittergrove’s U.S. brokerage accounts, roughly $350,000 had
          already been expatriated, and that Glittergrove planned to
          transfer the remaining $2.5 million outside of the United States
          yesterday.

               Previously, on January 29, 1999, the Commission had
          temporarily suspended trading in the securities of Citron and ETA
          for a ten-day period due to concerns about the adequacy and
          accuracy of publicly-disseminated information concerning those
          companies.  The Commission’s investigation is continuing.

               The Commission acknowledges the assistance of NASD
          Regulation, Inc. in this matter.