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  [IMAGE] May 30, 2001 [IMAGE]   [IMAGE] Volume IV, Issue 48 [IMAGE]     Email : info@otcjournal.com   URL : http://www.otcjournal.com    To OTC Journal Members:   Quick Note- This is our first Trading Alert since March 12th. Before deciding if you want to participate, please read the OTC Journal on Trading Alerts  found on the left hand menu bar of our home page. For a Track Record of former Trading Alerts, Click Here .      [IMAGE] Trading Alert: Petapeer Holdings, Inc (OTC BB: PETP)   We were first asked to look at this company over two months ago and were fascinated by the potential. You might not be familiar with the company, but unless you live in a vacuum you should be familiar with the issues surrounding their technology.   Petapeer Holdings, Inc owns the commercial rights to market the Gnottella Network technology, which many see as the replacement for the highly publicized demise of the on-line Napster Music Community.   You can visit http://gnotella.com  to learn more about P2P (Peer to Peer) file sharing for which Gnotella provides technology.   The Gnotella network provides technology which allows simultaneous users to look directly into other user's computers, and transfer files directly. Files are not limited to MP3 flies, as is the case with Napster. You can exchange anything from the most complex software to a recipe for fried chicken.   More importantly, management at Petapeer Holdings claims their technology does not infringe on copyright laws. Whereas Napster provides the ability to share files directly through Napster's server, Gnotella does not. Gnotella simply provides software which allows computers to interface over the internet, and has no control over the exchange of files. Therefore, any violations would be the responsibility of the user, not the software provider.   Today, after the market closed, Petapeer Holdings issued a very significant press release which has the potential to push this virtually unknown stock much higher.   Petapeer Holdings announced it has filed a Provisional Patent Application for a "new proprietary technology that will implement systems and methods for bolstering the Gnutella Network while generating revenue for Petapeer".   We believe this stock has the potential to become high profile when one considers all the press which surrounded the Napster demise. Furthermore, the company has come up with a revolutionary way to make money off the technology, and will be filing a patent on it.   The stock surged nicely two weeks ago, and has since retraced 50% of its previous gain, providing a low risk entry point.     [IMAGE] Trading Alert Details [IMAGE]  [IMAGE]  Petapeer Holdings, Inc (OTC BB: PETP) traded as high as $1.70 on May 14th. Today the stock closed at $1.15.   Here are our thoughts on this Trading Alert on Petapeer Holdings, Inc (OTC BB: PETP):   As depicted in the chart, the nearest line of support is $1.06. The stock has retraced about 50% of its gain the run made from late April to mid May. Today's news after the close should create a great deal of interest and volume. Here is our recommendation:   *Buy up to $1.30 which gives you room to make money if the stock trades in our favor. *Set your Stop Loss at $1.06 ( Next Support Level as depicted in the chart) or what ever your risk tolerance is. *If the stock can get through $1.75 in the next couple of days it should go higher it could find its way to nearly $2.  We view this stock as highly risky, and this is not a long term recommendation. Don't be afraid to take profits quickly if the market provides a gain, and don't be afraid to sell quickly if the stock trades against you.   This newsletter is our opinion only, and not a solicitation to buy this stock. Make up your own mind. If you are looking for a short term trade limit your loss if the stock goes against you. As always, we remind you to review the section on our home page on Trading Alerts,  paying particular attention to the section on trading rules. The track record on our previous alerts can be obtained by clicking here.    Here is the complete text of the news release for your review:     Petapeer Holdings Inc. Files Provisional Patent Application With US Patent and Trademark Office for Revenue Model With US Patent and Trademark Office for Revenue Model      NEW YORK, May 30 /PRNewswire/ -- Petapeer Holdings, Inc. (OTC Bulletin Board: PETP), announced today it has recently developed a new  proprietary technology that will implement systems and methods for bolstering the Gnutella Network while generating revenue for Petapeer.  Petapeer has filed a provisional patent application covering the technology with the United States Patent and Trademark Office.        The new technology covered by the application shall be used by Petapeer as a central part of its revenue model, and is intended to work with Petapeer's "Gnotella" peer-to-peer file sharing software described below.  As the regular patent application has not yet been filed and the technology and process not yet disclosed, no further details can be revealed at the moment, except that, like Gnotella, the new technology does not rely on advertiser-support or "stealth" advertising components, known as "spyware" or "adware".  In accordance with United States patent practice, the invention now has an effective filing date that can be used in a later regular US patent application, provided that it is filed before the United States Patent and Trademark Office within 12 months of the provisional application.  This regular US patent application is currently being drafted and is scheduled to be filed shortly.  Corresponding foreign patent applications may be filed under conventional priority within the same 12-month period, which the Company is considering.       Petapeer Holdings Inc.'s "Gnotella" peer-to-peer file sharing software does not employ or support background or "stealth" advertising components, known as "spyware" or "adware".  Spyware is sometimes employed to generate revenue for providers of free software by installing itself into users'  computers and collecting personal information about those users, and then transmitting it to the providers of the spyware, sometimes without users' knowledge or consent.   Recent reports have revealed that "spyware" and "adware" are contained in some software used to access the Gnutella Network. Petapeer's "Gnotella" software does not contain, nor has it ever contained or employed "spyware" or "adware".       "We are pleased to be the very first to develop this technology, which will be available to our users if -- and only if -- they want to use it," said Stephane Chouinard, interim CEO of Petapeer Holdings Inc.  "The technology should provide us with an innovative revenue model that promotes and strengthens the Gnutella Network without the need for 'spyware' or 'adware', and thus propels legitimate P2P file sharing to the next level.  While it will be up to each user to choose whether or not to use it, we hope it will be a hit."       Petapeer Holdings Inc. identifies and commercializes market-ready peer-to-peer (P2P) technologies.  Its first licensed technology, Gnotella, is  an application of the open Gnutella Network that allows users to quickly and accurately search and share files anytime, anywhere with anyone in the network.  Created for Windows, users can download any type of file, including text, audio, video, spreadsheets, word processing, software and more, through the Gnutella Network.       Petapeer Holdings Inc. urges its users to obey copyright laws and rights of third parties, but does not and cannot monitor user activity.  Neither does it collect or sell user information.        Gnotella is available for free download at http://gnotella.com .       This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.  Actual results could differ materially from those projected in the forward-looking statements if assumptions upon which the forward-looking statements are based do not turn out to be true.  Assumptions upon which the forward-looking statements are based include, without limitation, the following:       -- That the U.S. Patent on the technology will be granted;      -- That the technology will not infringe previously patented technology;      -- That the revenue models will function as anticipated;      -- That the revenue models will be accepted by users of Petapeer's         Gnotella software; and      -- That the revenue models will not interfere with the current popularity         and use of Petapeer's Gnotella software.     SOURCE  Petapeer Holdings Inc.      -0-                             05/30/2001      /CONTACT:  Henry Eshelman, heshelman@bwr-la.com, or Brian Davis,  bdavis@bwr-la.com, both of B|W|R Public Relations, 310-550-7776, for Petapeer  Holdings Inc./       The OTC Journal is a proud partner of the SwingWire.com Online Investment Community . A next generation Online Analyst Exchange providing Members the ability to search, review, track and monitor some of the Internet's best Online CAs (CyberAnalysts). Members have the opportunity to potentially achieve higher returns by viewing top performing portfolios and receiving real-time alerts from favorite CAs.    SwingWire.com  also has a lucrative incentive model for experienced investors and traders who consistently outperform the market. Share market ideas with other like-minded investors, establish a proven track record, provide insightful commentary, attract followers and ultimately become one of the Internet's highest paid and most sought after CyberAnalysts!    Click here to receive your FREE 30-Day Trial Membership with no further obligation. Sign Up Today!        Disclaimer   The OTCjournal.com Newsletter is an independent electronic publication committed to providing our readers with factual information on selected  publicly traded companies. All companies are chosen on the basis of certain financial analysis and other pertinent criteria with a view toward  maximizing the upside potential for investors while minimizing the downside risk, whenever possible.  Moreover, as detailed below, this publication accepts compensation from certain of the companies which it features.  Likewise, this newsletter is owned by MarketByte, LLC.  To the degrees enumerated herein,  this newsletter should not be regarded as an independent publication.   Click Here  to view our compensation on every company we have ever covered, or visit the following web address:  http://www.otcjournal.com/disclaimer.html  for our full profiles and http://www.otcjournal.com/trading-alerts/disclaimer.html  for Trading Alerts. MarketByte LLC, the owner and publisher of the OTC Journal has been paid a fee of $50,000 by IC Investments on behalf of the company for the dissemination of this report.    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