Resignation of Catherine Clarke-Luckhurst
News Release #1-01
Symbol: SIII
Exchange: OTC: BB
February 5, 2002
Shares issued: 12,540,567
Sec # 33 - 28188
NEWS RELEASE
VANCOUVER, B.C. February 5, 2002-The Board of Directors of
STRATEGIC INTERNET INVESTMENTS INCORPORATED, (the "Company"),
has today accepted the resignation of Catherine Clarke-Luckhurst
as Director and CEO of the Company.
Mrs. Clarke-Luckhurst tendered her resignation to the Company's
board, citing as reason, the Company's inability to provide
ongoing funding to Strategic Profits Inc. Mrs. Clarke-Luckhurst
is president and CEO of Strategic Profits Inc. ('SPI")
and her position on the Company's board was in conjunction with
SPI activities.
In the last six months, due to the poor equity market conditions
in general, and specifically, the contraction of internet related
equity issuers capitalization's, the Company has been unable
to secure sufficient working capital to fund the operations
of SPI as contemplated under the parties business relationship.
To date, a total of US $606,337 has been advanced as working
capital to SPI, by the Company. The Company continues to search
for additional equity capital to fund SPI's future business
development.
SPI has initiated litigation in the Supreme Court of British
Columbia, (court of original jurisdiction), Vancouver, Canada,
against its alliance partners, Hewlett-Packard (Canada) Ltd.,
Telus Communications Inc. and Telus Advanced Communications
for failure to perform under their binding agreement of December
2000. The litigation is ongoing.
Business continues to operate at Strategic Profits Inc. with
continued ongoing application development, in particular, their
Verified by Visa technology development in conjunction with
Visa International. This application will take merchants to
"card present online" with the objective to eliminate
online credit card fraud.
Mrs. Clarke-Luckhurst has informed the Company that SPI does
not expect there to be any interruption to its regular business
operations as a result of the above litigation.
For further information contact:
Strategic Internet Investments, Inc.
(604) 684-8662
email: sohoralph@hotmail.com
http://www.siiincorporated.com
Statements regarding financial matters in this press release
other than historical facts are "forward-looking statements"
within the meaning of section 27A of the Securities Act of 1933,
Section 21E of the Securities Exchange Act of 1934, and as that
term is defined in the Private Securities Litigation Reform
Act of 1995. The company intends that such statements about
the Company's future expectations, including future revenues
and earnings, and all other forward-looking statements be subject
to the safe harbors created thereby. Since these statements
(future operational results and sales) involve risks and uncertainties
and are subject to change at any time, the Company's actual
results may differ materially from expected results.
