Siti-Sites.com, Inc. Announces Liquidating Dividend Installment of $225,005

NEW YORK, Nov. 23  /PRNewswire-FirstCall/ -- This liquidating dividend amounts to $.0075 per share (3/4ths of 1 cent per share) to former Shareholders of record as of December 20, 2006.  The installment is payable on or about November 24, 2009.  The $.0075 per share divided among former holders of 30,000,143 shares shall be rounded upward or downward to the nearest whole cent, per number of shares of record held by each stockholder (e.g. .01 to .49 of a cent rounds downward to 0, and .5 to .99 of a cent rounds upward to one cent in the distribution).

Siti-Sites.com, Inc. (CUSIP 829981) now in liquidation, previously Pink Sheets: SITN.PK, was formerly named Spectrum Information Technologies, Inc. and was called "Siti" in its various SEC reports 1999 through 2006.  Cessation of trading and December 20, 2006 as the Record Date for Future Liquidating Dividend installments, was established in Siti's Plan of Liquidation that became effective by a stockholder vote in 2006.  The latest installment is based upon net receipts from its property interest through a Settlement Agreement, in defined Gross Proceeds, from its formerly owned portfolio of wireless communications patents and related intellectual property (IP).

Since March 2006 through November 3, 2009, net patent/IP payments to Siti, after 1/3 litigation fees owed to outside counsel, and other litigation costs owed, yielded Siti a net available of about $4,500,000 for its 1st dividend installment  ($.15 per share).  A net of $ 414,000 in calendar 2008-2009 plus funds on hand, led Siti to pay a 2008 dividend of $360,339 (its 2nd installment, $.012 per share), and to pay the above announced, $225,000 for Siti's 2009 dividend (3rd installment, $.0075 per share).  Distribution costs of this third dividend are $9,300.  Siti terminated other ongoing expenses after 2006, except for accounting, tax and legal matters requiring professional services, for which it keeps a reserve.  After paying the 2009 dividend, Siti will have $135,000 on hand.

The corporation has remained in continuing existence after 2006 solely for purposes of collecting on its contractual share of all Gross Proceeds derivable from its former patents/IP.  The statutory period has recently been extended by Siti, with court approval, through 2014, and is subject to further extension as required.  No obligations are presently known to exist which have not been paid or provided for by Siti.  The procedure for dissolution and winding-up is embodied in the Delaware General Corporation Law, and was explained in the 2006 proxy statement for Siti's liquidation, now continuing for the primary benefit of former shareholders. Other details of the liquidation are in such proxy statement, including tax treatment of liquidating distributions, as of October 20, 2006, and still available on the internet as an SEC document filed by Siti. 

DATASOURCE: Siti-Sites.com, Inc.



CONTACT:  Toni Ann Tantillo of Siti-Sites.com, Inc, [phone],

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Web Site:  http://www.siti-sites.com/ 

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