The Day Shorters Room

[loneieagle]

Very interesting.

They are saying the S-8's haven't worked, so in the interest of shareholders, they will do a 1000-1 reverse split.

If I were a shareholder, I would sure be glad for that decision.

NOT!!!


Press Release for Indiginet Inc


InDigiNet Makes BDC Election in Concert With Capital Restructure
11/24/2004 9:35:00 AM
NEWPORT BEACH, Calif., Nov 24, 2004 /PRNewswire-FirstCall via COMTEX/ -- InDigiNet, Inc., ( IDGN ), a provider of managed communication solutions for Small to Mid-Size Enterprises (SMEs) in the United States, announced that it has filed a notice (Form N-54A) to the Securities and Exchange Commission ("SEC") advising of its election to be governed as a business development company under Sections 55-65 of the Investment Company Act of 1940. Separately, due to the shift in corporate strategy to a "business development company," its Board of Directors has approved a capital restructure with a 1000-for-1 reverse stock split designed to provide the Company with additional flexibility primarily for merger and expansion purposes.

"We're very close to many acquisitions and asset purchases," stated InDigiNet CEO Mark Ellis. "So close in fact that our Board of Directors have decided the best course of action to entice these candidates would be to shift our corporate emphasis to one of business development. This action, together with a capital restructure, will signal to these candidates how serious we are in bringing them on board and that we will have enough shares to buy them. Although we are very eager to please them in order to close the transactions quickly, we are also very mindful of our shareholders' concern about flooding the market with new free trading shares that may have an adverse impact. Therefore, all our discussions to date have centered around restricted shares subjected to Rule 144 limitations."

"No more new S8 filings. As business continues to grow, we are trying to accelerate through the learning curve without crashing into every single obstacle. But no matter how valiant the effort or which path we took, our past S8's have prevented us from reaching our destination. Those that don't learn from history are doom to repeat it," concluded Ellis.

About InDigiNet, Inc.

InDigiNet, Inc. is an integrated solutions company that provides small to mid-size enterprises (SMEs) with an integrated communication solution. The Company will offer data, local, long distance and wireless services to SMEs over third party networks enabling the company to offer a comprehensive suite of services without the capital burden of building a communication network. Under the C2C Exchange (C2C) brand name, the Company is known as a website design, hosting and complete e-commerce provider delivering one of the easiest and most powerful website building solutions on the Internet. The Company and its development team have automated the ability for a user to quickly and easily create powerful, feature rich, professionally designed websites. C2C has incorporated state-of-the-art features with styles, layout and graphics in addition to powerful functional management tools that every successful business needs for e-commerce. In a fraction of the time it once took, a user can now create a fully functional e-commerce website using any Internet access method. Compared to the traditional costs of web development, this service is simple and affordable. For more information, go to http://www.c2cexchange.com. And for the Company's complete web design services, go to http://www.thesitedoctors.com.

For more information about InDigiNet visit http://www.indiginet.com.


Statements made in this press release regarding the Company's or management's intention, beliefs, expectations, or predictions for the future are forward-looking statements. Such forward-looking statements are subject to a number of risks, assumptions and uncertainties that could cause the Company's actual results to differ materially from those projected in such forward-looking statements. These risks, assumptions and uncertainties include: the ability to compete effectively in a rapidly evolving and price competitive marketplace; possible reductions in demand for our products and services due to competition or changes in industry conditions; changes in the nature of telecommunications regulation in the United States and other countries; changes in business strategy; the successful integration of newly-acquired businesses; the impact of technological change; and other risks referenced from time to time in the Company's filings with the Securities and Exchange Commission.


For additional information call Investor Relations 949-476-3711
or visit company website http://www.indiginet.com.


SOURCE InDigiNet, Inc.

Investor Relations of InDigiNet, Inc., [phone]

http://www.c2cexchange.com


Copyright (C) 2004 PR Newswire. All rights reserved.