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IIMC news

Internet Multimedia Corporation Completes
Acquisition of Oasis

Technology SRL

CHARLOTTE, N.C., Aug. 7 /PRNewswire/ -- Internet Multimedia Corporation
(OTC Bulletin Board: IIMC) announces that it has acquired 100% of the assets
and business of Oasis Technology SRL, (Oasis), which was a subsidiary of
AmEurotech Corporation. Oasis is the main and primary division of
AmEurotech. It includes 99% of AmEurotech's assets and revenue. The
acquisition was structured this way to remain in compliance with SEC
reporting requirements and Generally Accepted Accounting Principals.
(GAAP)

Oasis, now a wholly owned subsidiary of IIMC, reported better than expected
net earnings for the 1st Qtr. ending March 31, 2000 of $1.4 million. Net
earnings for the 2nd Qtr. as well as revised projections for fiscal year end 2000
will be out later this week.

Oasis recently completed an exclusive $5,000,000 distribution agreement with
Megatronica Group S.A. as distributor of its AWP, SWP and proprietary
Gambling machines in Greece and Cyprus. Also, Oasis has completed a
$6,000,000 agreement with NOVA Distributori Automatici SRL, of Verona,
Italy to manufacture and distribute Vending Machines for coffee and other hot
drinks.

Oasis Technology, SRL, based in Verona, Italy is a software and hardware
technology company with $6.5 million in tangible assets and has ongoing
business in Greece, Spain, the United Kingdom, and is currently expanding
its business into the United States and South America. Oasis' net earnings for
fiscal 2001 are projected to be between $20 million and $25 million.

Note: Safe Harbor Statement

Securities Litigation Reform Act of 1995: This release contains forward-
looking statements that are subject to risk and uncertainties, including, but
not limited to, the impact of competition, new and untested products,
uncertainty of revenues and earnings, fluctuations in stock price and liquidity,
fluctuating operating results, and other risks detailed from time to time in the
company filings with the Securities and Exchange Commission.

Contact:
Ed Knowles
VP Merger and Acquisitions
21st Equity Partners LLC
704-540-8138
[e-mail]

Clinton F. Walker
VP Marketing and Research
21st Equity Partners, LLC
704-540-8138
[e-mail]

Dave Wood
President/CEO
21st Equity Partners, LLC
704-540-8138
[e-mail]


SOURCE Internet Multimedia Corporation
-0- 08/07/2000


/CONTACT: Ed Knowles, VP Merger and Acquisitions, [e-mail] ,
or Clinton F. Walker, VP Marketing and Research, [e-mail] , or
Dave Wood, President and CEO, [e-mail] , 21st Equity Partners,
LLC, 704-540-8138/

(IIMC)

CO: Internet Multimedia Corporation; Oasis Technology SRL; AmEurotech

Very profitable had expected 1.5mm in earning 2000
they had 1.4mm earning for the 1st quarter!!!
wmh