SOURCE: Elysium Internet, Inc.

Elysium Internet, Inc.

February 14, 2011 10:19 ET

Elysium Internet Secures Agreement With Debt Holders

Several Debt Holders Agree to Freeze Conversions

TAMPA, FL--(Marketwire - February 14, 2011) - Elysium Internet, Inc. DBA www.TheDirectory.com (PINKSHEETS: EYSM), an emerging leader in the local business search and online marketing space, today announced that several of its active Debt Holders have agreed to refrain from any debt to equity conversions through April 15th.

www.TheDirectory.com Founder and CEO Scott Gallagher commented, "I'm very excited to be able to advise the stockholders of our Company that we are making tangible progress in our attempts to turn the tide and improve our capital structure. I have secured verbal commitments from several debt holders that they will not request any debt be converted to equity from now through April 15th, 2010 at which time they will review our operating results and continue further discussions." Gallagher continued, "We canceled more than 2 billion shares during 2010, confirmed that no reverse stock splits will occur during 2011 and now freezing the capital structure, even for 60 days, will hopefully provide some confidence to investors and improve market transparency. More importantly we believe the freeze provides us with an opportunity to hold our structure where it is while our operations continue to improve over the next 60 days."

As of today Elysium Internet, Inc. has 2,295,624,262 shares issued and outstanding. No shares will be issued until April 15th at which time we will advise the stockholders of the intentions of the debt holders on a conference call. The Company is awaiting word from its attorney regarding the timing of its name and ticker change.

About Elysium Internet, Inc.

Elysium Internet, DBA www.TheDirectory.com, is an emerging leader in the local advertising, search and publishing space. The Company operates 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.Therapists.net and others. For more information visit the Company web site www.ElysiumInternet.com. Review the Company's other filings on www.OTCMarkets.com.

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 made. Forward-looking statements are based on estimates and opinions of management at time the statements are made.

Contact Information

  • Media Inquiries Contact:
    Scott Gallagher
    727-417-7807
    Email Contact