Siti-Sites.com, Inc. Announces 88.17 % Stockholder Approval of Plan of Final Liquidation and Dissolution on November 14, 2006

NEW YORK, Nov. 15  /PRNewswire-FirstCall/ -- (OTC Bulletin Board: SITN- News; SITN.PK, and by Email to )

Siti-sites.com, Inc. (CUSIP 82981 -- formerly named Spectrum Information Technologies, Inc. and called "Siti" in its various SEC reports, symbol SITN.PK) announced today that stockholders approved its Plan of Final Liquidation and Dissolution (the "Plan"), as set forth in its recent Proxy Statement under Section 14 (a) of the Securities Exchange Act of 1934.  A majority vote of all stockholders was required.  Holders of 88.17 % of its shares voted in favor of the Plan by proxies.  Out of 30,000,143 shares outstanding of record on October 20, 2006, stockholders with 26,450,608 shares voted in favor of the Plan.

There were also 42,563 votes cast against the Plan, and 90,204 votes abstaining.

Some 11,600 proxy statements were furnished, as follows:  Proxy Statements and proxy cards were mailed to a total of 3,602 individual holders and representative brokers and firms. These representatives further requested and received 9,500 copies of the proxy statement and cards for redistribution to their clients, who mostly owned very small quantities of shares.  70 brokerage firms voted 642,322 shares in favor of the Plan, largely at a rate of 90% in favor.  While counting shares present and voting does not control in a liquidation vote, requiring a majority of all shares outstanding -- over 99 % of shares present and voting at the stockholders' meeting submitted proxies in favor of the Plan.

Cancellation of Shares in Liquidation

As previously announced, the Plan provides for cancellation of all outstanding shares of Siti, in exchange for the liquidating distribution made in April 2006 and any further liquidating distributions resulting from a recent patent litigation settlement. They may become possible in the future, during the extensive life of the patent portfolio involved (expiring 2009 through 2021).  Siti is a contingent creditor of the company owning the patents. The Plan covers all such distributions, if any.

The Company's certificate of dissolution will shortly be filed in Delaware.  The cash amounts distributed to shareholders in liquidation of Siti, in April, 2006 or hereafter distributed to shareholders, if any, shall be deemed and treated as being in full payment in exchange for the stock of Siti pursuant to Section 331 of the U.S. Internal Revenue Code.  The Plan provides for cessation of trading by prompt cancellation of the shares 30 days after its effective date.  Further trading in the shares of Siti are expected to cease by December 31, 2006. The shares of stock will not be freely transferable thereafter. The list of former Siti shareholders of record shall be used thereafter solely to determine their pro rata entitlement to any future cash payments under the Plan that may become possible.  Such right to participate shall be transferable only by operation of laws of inheritance, succession or otherwise, and the cancelled stock certificate of each former shareholder shall be the primary source of its or its successor owner's right to receive any future liquidating dividend payments.  Other details of the Plan and its economic and federal tax impact on both Siti and its stockholders are described in the Proxy Statement. 

DATASOURCE: Siti-Sites.com, Inc.



CONTACT:  Toni Ann Tantillo, [phone] 

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