PSAINC Announces $9 Million Total in Private Placement Investment

Los Angeles (PROTEXT) - PSAINC (OTC Bulletin Board: PSAX) today announced the placement of more than $9 million [US] in private placements in Switzerland. Investments have been made primarily by leading private and institutional investors, including a Siemens Pension Fund as previously announced. PSAINC plans to be a broad-based global travel and entertainment company. PSAINC is structuring the Company's exclusive Internet brand via advanced broadband convergence through its PSAZZ.COM platform. PSAINC CEO, David E. Walsh stated, "This first round of funding reflects the kind of interest and enthusiastic response several venture funds have given upon reviewing our business model. The site will include all the necessary information for travel on a global as well as a domestic plane. E-Commerce-driven travel and transportation services are the fastest-growing and highest-grossing businesses on the Internet, with more than $900 million booked in 1998, with $8.9 billion forecast by year 2002. The PSAZZ.COM business model uses interactive Internet technology to allow travelers to 'try and buy', to experience a value-added virtual trip and save travelers money on a wide range of services." Walsh continued saying, "We are pleased that a number of prestigious European investors, including Siemens have taken a position in PSA and some are in the process of evaluating the investment opportunities. We share in the excitement that Psazz.com is creating not only from an investment point of view but also as a value driven B2B enterprise. Our vision is to become the Internet travel source providing travelers in nine languages the local presence as well as the global reach. The capital provided by the European investors enables us to accelerate our launch as well as enhance the marketing and sales activities of Psazz.com." Psazz.com's original content creations will include travel intelligence, travel specials, news, music, sporting and industry related events, especially geared toward traveler's attendance. Other tailor-made Psazz.com programming will consist of chat shows, independently created digital film creations and network TV-style special interest programs. These programs will all be delivered in real time utilizing soft streaming media technologies for the finest quality digital broadcast available. PSAINC is headquartered at 9800 South Sepulveda Blvd., Los Angeles, CA 90045. The company's telephone is 310-258-0500 and FAX is 310-258- 0509. Except for factual and historical information contained herein, matters discussed in this release, including statements are forward- looking statements that involve risks and uncertainties, and actual results may be materially different. Factors that could cause actual results to differ include the risk that sales of the Company's services may not develop as expected and the risk that the Company may not be successful in forecasting and meeting customers' demands for its services. ots Original Text Service: PSAINC Internet: http://www.newsaktuell.de Contact: PSAINC, 310-258-0500, fax 310-258- 0509 Web site: http://www.psazz.com Web site: http://www.lovepsa.com Subscribers please note that material bearing the slug "PROTEXT" is not part of CTK's news service and is not to be published under the "CTK" slug. Protext is a commercial service providing distribution of press releases from clients, who are identified in the text of Protext reports and who bear full responsibility for their contents. PROTEXT