Witchity Capital Corporation Placed in Receivership

Apr 30, 2001, 01:00 ET from InfoInterActive Inc.

    HALIFAX, April 30 /PRNewswire/ - InfoInterActive Inc. (TSE: IIA, Nasdaq:  
 IIAA) has been advised by Witchity Capital Corporation, one of its licensees
 focused on the European market, that it has been placed into receivership due
 to lack of prospects for continued financing. InfoInterActive will take a one-
 time write-down of CDN$1.8 million representing 100% of the amount currently
 owing to InfoInterActive by Witchity.
     "We will be working closely with the receiver to ensure our interests are
 protected," said Bill McMullin, CEO and Chairman at InfoInterActive.
     Witchity is a non-exclusive licensee of InfoInterActive technology
 focusing principally on the European market. InfoInterActive currently has two
 other worldwide licensees active in Europe.
 
     This report may contain certain forward-looking statements that relate to
 future events or future business and financial performance. Such statements
 can only be predictions and the actual events or results may differ from those
 discussed. The company cautions that these statements are subject to important
 factors that could cause actual results to differ materially from those
 expressed or implied in such forward-looking statements and are more fully
 discussed in periodic reports filed with Securities and Exchange Commission.
 
 

SOURCE InfoInterActive Inc.
    HALIFAX, April 30 /PRNewswire/ - InfoInterActive Inc. (TSE: IIA, Nasdaq:  
 IIAA) has been advised by Witchity Capital Corporation, one of its licensees
 focused on the European market, that it has been placed into receivership due
 to lack of prospects for continued financing. InfoInterActive will take a one-
 time write-down of CDN$1.8 million representing 100% of the amount currently
 owing to InfoInterActive by Witchity.
     "We will be working closely with the receiver to ensure our interests are
 protected," said Bill McMullin, CEO and Chairman at InfoInterActive.
     Witchity is a non-exclusive licensee of InfoInterActive technology
 focusing principally on the European market. InfoInterActive currently has two
 other worldwide licensees active in Europe.
 
     This report may contain certain forward-looking statements that relate to
 future events or future business and financial performance. Such statements
 can only be predictions and the actual events or results may differ from those
 discussed. The company cautions that these statements are subject to important
 factors that could cause actual results to differ materially from those
 expressed or implied in such forward-looking statements and are more fully
 discussed in periodic reports filed with Securities and Exchange Commission.
 
 SOURCE InfoInterActive Inc.