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i-Incubator Announces Subsidiaries File Form 10-SB's

1 December 2000

i-Incubator Announces Subsidiaries File Form 10-SB's

    MIAMI--Dec. 1, 2000--i-Incubator.com, Inc. (OTCBB:INQU) is pleased to announce today that its five subsidiaries, i-CarAuction.com, Inc., i-Teleco.com, Inc., i-Aerobids.com, Inc., i-RealtyAuction.com, Inc. and i-AntiqueAuction.com, Inc. have filed Form 10-SBs with the Securities and Exchange Commission ("SEC") to become fully reporting entities under the Security Exchange Act of 1934. The Form 10-SBs are subject to SEC review and comment, but by rule are declared effective after 60 days from filing. In the event the subsidiaries receive comments back from the SEC, the subsidiaries will endeavor to respond to those comments in a timely manner in order to expedite an effective status. Following the effective date of these Form 10-SBs, the subsidiaries will be required to comply with the reporting requirements of the Exchange Act of 1934, which includes but is not limited to, the filing of annual, quarterly, and other reports with the SEC.
    The Company also announced that it has decided not to distribute its 1,500,000 common shares of Wealthhound.com, Inc. to its shareholders at this time. The Company had previously reported that it would distribute the Wealthhound.com, Inc. shares to its shareholders at an earlier time, but the Board of Directors of the Company have decided to push off such distribution at this time.
    The Company also announced that it had erroneously reported that it would distribute its 500,000 common shares of Global Realty Management Group, Inc. to its shareholders. Such shares were owned by one of the Company's subsidiaries, i-RealtyAuction.com, Inc. and therefore the Company was not in a position to distribute such shares. i-RealtyAuction.com, Inc. has announced that it has sold its 500,000 common shares of Global Realty Management Group, Inc. in a private transaction for the benefit of its shareholders.

    Statements contained in this press release that are not based upon current or historical fact are forward-looking in nature. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ materially from estimated results. Management cautions that all statements as to future results of operations are necessarily subject to risks, uncertainties, and events that may be beyond the control of i-Incubator.com, Inc. and no assurance can be given that such results will be achieved. Potential risks and uncertainties include, but are not limited to, the ability to procure, properly price, retain, and successfully complete projects, the availability of technical personnel, changes in technology, and competition.