SOURCE: Elysium Internet, Inc.

Elysium Internet, Inc.

November 30, 2010 10:43 ET

Elysium Improves Capital Structure With Cancellation of Two Billion Common Shares

Company Moves to Lower Authorized Shares Next

TAMPA, FL--(Marketwire - November 30, 2010) - Elysium Internet, Inc. DBA www.TheDirectory.com (PINKSHEETS: EYSM) today announced that it has canceled two billion shares of its restricted common stock. The Company now plans to seek shareholder approval to reduce its authorized shares.

Elysium Founder Scott Gallagher commented, "We're pleased to announce that we have reduced our outstanding share count by nearly 50% with the cancellation of two billion restricted common shares. Together with the increased transparency of our recent current information designation on the OTC Markets quotation system we have vastly improved both our capital structure as well as the transparency of our operations."

Gallagher continued, "Our plans now are to immediately move to reduce our authorized shares by a significant amount before the end of 2010. Additionally, we've received documents from our attorney to complete the process of changing our name and ticker symbol from Elysium Internet, Inc. to www.TheDirectory.com, Inc. now that our public filings are completed. We have additional operating milestones we hope to achieve before the end of 2010 as we ramp up our local online search operations via our call center heading into 2011."

The Company is building a new Corporate website within www.TheDirectory.com, scheduled to be launched before the end of 2010.

About Elysium Internet, Inc.

Elysium Internet is an emerging leader in the local advertising, search and publishing space. The Company is building a direct navigation- based Internet advertising network anchored by its local business search engine TheDirectory.com. Elysium builds targeted professional directories over category killer Dot Com and Dot Net domain names such as www.TheDirectory.com, www.Podiatrists.com, www.Chiropractor.net, www.Psychiatrists.com, www.Pediatricians.com, www.Dietitians.net, www.Auditors.comwww.Therapists.net and others. For more information visit the Company web site www.ElysiumInternet.com. Review the Company's filings with the Securities and Exchange Commission at http://www.SEC.gov

Forward-Looking Statements

Certain statements contained herein are "forward-looking" statements (as defined -- Private Securities Litigation Reform Act of 1995). Elysium Internet, Inc. cautions that the statements made in this press release constitute forward-looking statements and not guarantees of future performance, and actual results or developments may differ materially from projections in forward-looking statements. Forward-looking statements are based on estimates and opinions of management at time the statements are made.

Contact Information

  • Media Inquires Contact:
    Scott Gallagher
    727-417-7807