SOURCE: The Children's Internet, Inc.

July 17, 2008 08:00 ET

The Children's Internet, Inc. Issues Press Release Retraction

SAN RAMON, CA--(Marketwire - July 17, 2008) - The Children's Internet, Inc. (OTCBB: CITC) ("TCI") announced today that the press release they issued on June 5, 2008 entitled, "The Children's Internet, Inc. Announces Definitive Agreement in Principle to Merge," had an incorrect statement which the Company is officially retracting. The incorrect statement being retracted is as follows, "Further details of the agreement will be found in the Company's Form 8-K which will be filed on or before June 9, 2008." That entire statement was made in error and a Form 8-K will not be filed.

The parties did not and have not entered into any material agreement with TCI Holding Company, LLC. The document referred to in the June 5th press release and signed by the parties merely memorialized the intent between the parties to use their best efforts to later enter into a definitive merger agreement once certain promises were accomplished, none of which were met by TCI Holding Company, and therefore the parties did not move forward. As stated in the press release, the completion of the proposed merger was subject to various conditions.

Despite the challenging issues facing the Company we have had several meetings with credible new funding sources who have expressed interest in The Children's Internet® and working with the Company. We are very encouraged by the positive feedback we have received to date. In addition the Company, in conjunction with our attorney, continues to work tirelessly responding to and resolving the SEC matter. A remedies trial is currently scheduled for August 14, 2008.

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 the expected percentage ownership in TCI upon completion of the transaction, the terms of any agreement with the SEC 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

  • Contact:
    The Children's Internet, Inc.
    ir@tcimail.net
    Phone: (925) 743-9420
    Fax: (925) 743-9870