SOURCE: The Children's Internet, Inc.

March 20, 2008 08:30 ET

The Children's Internet Announces Its Stock Purchase Contract Extension

SACRAMENTO, CA--(Marketwire - March 20, 2008) - The Children's Internet, Inc. (OTCBB: CITC) announced today that it has amended the terms of its agreement with The Children's Internet Holding Company (TCI Holding) to extend the outside termination date of their Definitive Stock Purchase Agreement (DSPA) from March 15, 2008 to March 31, 2008.

The DSPA provides for the purchase of 128,040,988 shares of TCI stock for an aggregate purchase price of $8 million and a warrant to purchase up to 128,040,988 shares of TCI common stock at an exercise price equal to the purchase price per share of common stock under the DSPA. The warrant may only be exercised after the closing of the DSPA, and then, only until April 30, 2008.

Richard J. Lewis III, TCI's Acting CEO and the Manager of TCI Holding commented, "While TCI Holding has identified the investment groups necessary to complete its capital raise, the steps to fund the closing are steeped in procedure and time-consuming. To that end, we have a number of professionals working the process diligently and I am confident we will close this transaction."

Forward-Looking Statements:

This press release may be deemed to contain "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. Any forward-looking statements are made as of today's date and we do not undertake any obligation to update forward-looking statements. You can identify such statements by our use of such words as "should," "expect," "will," "intends," and similar words and phrases which denote future events and which may depend on the future performance of the Company. Specifically, these include statements as to future product releases, the implementation of strategic initiatives and the ownership in TCI upon completion of the transaction and whether or not the transaction will be consummated. Our assumptions underlying these statements are also "forward-looking" statements. Forward-looking statements are based on information and assumptions that are dynamic in nature and subject to rapid and sometimes abrupt changes. Our forward-looking statements are subject to a number of risks and uncertainties that could cause actual results to differ materially from those stated or implied by the statements. Our forward-looking statements are also subject to important risks and uncertainties detailed in our latest reports filed with the SEC and available on its website at www.sec.gov.

Contact Information

  • Investor Relations Contact:
    TCI Holding Company
    ir@tciholdingco.com
    Phone: (916) 965-5300
    Fax: (916) 965-8275