NEW YORK, Oct. 20 /PRNewswire-FirstCall/ -- (OTC Bulletin Board: SITN; 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 it is filing its definitive form of Proxy Statement under Section 14 (a) of the Securities Exchange Act of 1934 with the SEC. The Proxy Statement contemplates a special meeting of stockholders on November 14, 2006 and a vote on a Plan of Final Liquidation and Dissolution (the "Plan") previously adopted and recommended by the Siti board. This is the definitive proxy statement presented for stockholder approval, without substantive change in the Plan itself as described in preliminary filings heretofore announced. Record date The definitive form of Proxy Statement will be mailed to those stockholders shown of record as of Friday, October 20, 2006. The special meeting will be held on Tuesday, November 14, 2006, unless unforeseen circumstances require an adjourned date. Siti's board of directors has unanimously approved the Plan. Siti's largest shareholder Lawrence M. Powers informed the board that he expects to vote in favor of the Plan. His shares, together with those owned with his son, amount to 46.1% of those outstanding. Several other large stockholders, in an overall total comprising some 83 % of outstanding shares, will review the Plan along with other stockholders and thereafter vote in person or by proxy at the special meeting of stockholders described in the Proxy Statement. 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 covered by a recent litigation settlement. They may become possible in the future, during the extensive life of the patent portfolio (expiring 2009 through 2021). Siti is a contingent creditor of the company owning the patents. The Plan covers all such distributions, if any. Other details of the Plan and its economic and federal tax impact on both Siti and its stockholders are described in the Proxy Statement, being furnished to all stockholders of record. After review and likely stockholder consent to the Plan expected in November, 2006, the certificate of dissolution will 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 in late December, 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. Further information on the Plan is in the definitive Proxy Statement being distributed. DATASOURCE: Siti-sites.com, Inc. CONTACT: Toni Ann Tantillo for Siti-sites.com, Inc., +1-914-779-7155 Web site: http://www.siti-sites.com/

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