Logisoft Corp. Enters Into Letter of Intent to Acquire Maxx Motorsports, Inc.; Internet Services Business to Continue Under Current Management

Apr 19, 2001, 01:00 ET from Logisoft Corp.

    FAIRPORT, N.Y., April 19 /PRNewswire/ -- Logisoft Corp.
 (OTC Bulletin Board:   LGST), ("LGST") a fully-reporting company, announces that
 it has entered into a non-binding Letter of Intent to acquire 100% of the
 issued and outstanding shares of Maxx Motorsports, Inc. ("Maxx").  Pursuant to
 the terms of the Letter of Intent, the parties are working to execute a
 definitive stock purchase agreement by April 25, 2001 with an anticipated
 closing of May 1, 2001.
     Prior to closing on the acquisition of Maxx, Logisoft must raise
 $7,000,000 in equity capital through the sale of 28,000,000 shares of its
 common stock at $.25/share, and it must dispose of its two operating
 subsidiaries Logisoft Computer Products Corp. and eStorefronts.net Corp. in
 return for a minimum of 13,500,000 shares of Logisoft common stock.  To view
 the Letter of Intent in its entirety, visit www.freeedgar.com under the
 company's 8-K filing dated April 16, 2001.
     At this point, there can be no assurances given that either the
 $7,000,000 in equity will be raised or that the two subsidiaries will be
 purchased for 13,500,000 LGST common shares.
     A special committee of independent Directors has been appointed by
 Logisoft's Board of Directors to review the potential acquisition of Maxx, the
 related potential disposition of the current subsidiaries as well as other
 strategic alternatives that may increase shareholder value.  The special
 committee will consider this change in business direction in an effort to
 increase shareholder value in reaction to the significant declines in market
 valuations of internet services firms over the past year.  The special
 committee has the authority to approve the acquisition of Maxx and to
 negotiate and execute the agreements required to complete the acquisition.
 The special committee expects to complete its review of the Maxx transaction
 and to make its decision on it by April 25, 2001.
     The special committee is currently negotiating with a group of
 shareholders for the disposition of the Company's operating subsidiaries in
 exchange for approximately 13,500,000 shares of the Company's common stock.
 This group of shareholders, which is led by the current management of Logisoft
 Computer Products and eStorefronts and several of the investors in the
 Company's March 2000 private placement, plans to continue the current internet
 services business without interruption and to pursue existing opportunities
 for affiliations with firms that are interested in the company's core
 competencies.  No changes in the operation of Logisoft Computer Products or
 eStorefronts are anticipated as a result of these potential transactions.
     There can be no assurance that the special committee will approve the Maxx
 acquisition or what other strategic alternatives that the special committee
 may recommend for the Company.
 
     About Maxx Motorsports, Inc.
     Maxx Motorsports, Inc. is a marketing, research and development company
 focused on the industry of motorsports.  Its particular emphasis is on
 examining emerging trends, technological advancements and branding initiatives
 that can maximize the growth of motorsports.  It plans to develop new product
 categories and niche opportunities for its clients, partners and investors.
 With its senior management's experience in sports, entertainment and consumer
 marketing, and its alliances with leading automotive engineering companies,
 Maxx plans to capitalize on the confluence of modern sports business and
 traditional motorsports practices.  The company was originally formed in 1999
 as Union Sports, LLC, and its name was changed in 2000 to more accurately
 reflect its growing focus on the motorsports industry.
 
     Safe Harbor Act Disclaimer: This release contains forward looking
 statements within the meaning of Section 27A of the Securities Act of 1933 and
 Section 21E of the Securities Act of 1934 that are based upon current
 expectations or beliefs, as well as a number of assumptions about future
 events.  Although the Company believes that the expectations reflected in the
 forward-looking statements and the assumptions upon which they are based are
 reasonable, it can give no assurance that such expectations and assumptions
 will prove to have been correct.  The reader is cautioned not to put undue
 reliance on these forward-looking statements, as these statements are subject
 to numerous factors and uncertainties, including without limitation, the
 independent authority of the special committee to act on the matters
 discussed, the successful negotiation of the potential acquisition and
 disposal of transactions described above, successful implementation of the
 company's business strategy and competition, any of which may cause actual
 results to differ materially from those described in the statements.  In
 addition, other factors that could cause actual results to differ materially
 are discussed in the Company's most recent Form 10-QSB and Form 10-KSB filings
 with the Securities and Exchange Commission.
 
 

SOURCE Logisoft Corp.
    FAIRPORT, N.Y., April 19 /PRNewswire/ -- Logisoft Corp.
 (OTC Bulletin Board:   LGST), ("LGST") a fully-reporting company, announces that
 it has entered into a non-binding Letter of Intent to acquire 100% of the
 issued and outstanding shares of Maxx Motorsports, Inc. ("Maxx").  Pursuant to
 the terms of the Letter of Intent, the parties are working to execute a
 definitive stock purchase agreement by April 25, 2001 with an anticipated
 closing of May 1, 2001.
     Prior to closing on the acquisition of Maxx, Logisoft must raise
 $7,000,000 in equity capital through the sale of 28,000,000 shares of its
 common stock at $.25/share, and it must dispose of its two operating
 subsidiaries Logisoft Computer Products Corp. and eStorefronts.net Corp. in
 return for a minimum of 13,500,000 shares of Logisoft common stock.  To view
 the Letter of Intent in its entirety, visit www.freeedgar.com under the
 company's 8-K filing dated April 16, 2001.
     At this point, there can be no assurances given that either the
 $7,000,000 in equity will be raised or that the two subsidiaries will be
 purchased for 13,500,000 LGST common shares.
     A special committee of independent Directors has been appointed by
 Logisoft's Board of Directors to review the potential acquisition of Maxx, the
 related potential disposition of the current subsidiaries as well as other
 strategic alternatives that may increase shareholder value.  The special
 committee will consider this change in business direction in an effort to
 increase shareholder value in reaction to the significant declines in market
 valuations of internet services firms over the past year.  The special
 committee has the authority to approve the acquisition of Maxx and to
 negotiate and execute the agreements required to complete the acquisition.
 The special committee expects to complete its review of the Maxx transaction
 and to make its decision on it by April 25, 2001.
     The special committee is currently negotiating with a group of
 shareholders for the disposition of the Company's operating subsidiaries in
 exchange for approximately 13,500,000 shares of the Company's common stock.
 This group of shareholders, which is led by the current management of Logisoft
 Computer Products and eStorefronts and several of the investors in the
 Company's March 2000 private placement, plans to continue the current internet
 services business without interruption and to pursue existing opportunities
 for affiliations with firms that are interested in the company's core
 competencies.  No changes in the operation of Logisoft Computer Products or
 eStorefronts are anticipated as a result of these potential transactions.
     There can be no assurance that the special committee will approve the Maxx
 acquisition or what other strategic alternatives that the special committee
 may recommend for the Company.
 
     About Maxx Motorsports, Inc.
     Maxx Motorsports, Inc. is a marketing, research and development company
 focused on the industry of motorsports.  Its particular emphasis is on
 examining emerging trends, technological advancements and branding initiatives
 that can maximize the growth of motorsports.  It plans to develop new product
 categories and niche opportunities for its clients, partners and investors.
 With its senior management's experience in sports, entertainment and consumer
 marketing, and its alliances with leading automotive engineering companies,
 Maxx plans to capitalize on the confluence of modern sports business and
 traditional motorsports practices.  The company was originally formed in 1999
 as Union Sports, LLC, and its name was changed in 2000 to more accurately
 reflect its growing focus on the motorsports industry.
 
     Safe Harbor Act Disclaimer: This release contains forward looking
 statements within the meaning of Section 27A of the Securities Act of 1933 and
 Section 21E of the Securities Act of 1934 that are based upon current
 expectations or beliefs, as well as a number of assumptions about future
 events.  Although the Company believes that the expectations reflected in the
 forward-looking statements and the assumptions upon which they are based are
 reasonable, it can give no assurance that such expectations and assumptions
 will prove to have been correct.  The reader is cautioned not to put undue
 reliance on these forward-looking statements, as these statements are subject
 to numerous factors and uncertainties, including without limitation, the
 independent authority of the special committee to act on the matters
 discussed, the successful negotiation of the potential acquisition and
 disposal of transactions described above, successful implementation of the
 company's business strategy and competition, any of which may cause actual
 results to differ materially from those described in the statements.  In
 addition, other factors that could cause actual results to differ materially
 are discussed in the Company's most recent Form 10-QSB and Form 10-KSB filings
 with the Securities and Exchange Commission.
 
 SOURCE  Logisoft Corp.