SECURITIES AND EXCHANGE COMMISSION


             Litigation Release No. 16094  March 22, 1999

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

                  he Commission announced that a final consent judgment
             has been entered in the Commission’s action against Edward
             B. Taxin and the Taxin Network.  On March 11, 1999, Judge
             Kimba M. Wood permanently enjoined Taxin and his company
             from further violations of Section 17(b) of the Securities
             Act of 1933, and ordered them to pay $30,000 in penalties.

                  The Commission’s action, commenced on October 27, 1998,
             was part of a large-scale effort by the Commission to
             address unlawful touting of securities over the Internet.
             The Commission alleged that Taxin received compensation for
             touting certain microcap stocks on a radio program, the
             Financial Hour, and in an Internet newsletter, the
             Investor’s Chronicle, without properly disclosing the
             receipt of such compensation, in violation of Section 17(b)
             of the Securities Act.  Taxin and the Taxin Network
             consented to the entry of the final judgment without
             admitting or denying the allegations in the Complaint.

                  For further information, see Litigation Release No.
             15955.