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Netoy Announces Actions to Extinguish Up To 90% Of Debt

Sep 28, 2005, Press Release

- Company Plans to Eliminate Majority of Old Legacy Debt FAIR OAKS, Calif., September 28, 2005 -- (OTC: NTOY) today announced the first in a series of steps being taken to extinguish up to 90% of the company's existing legacy debt. Today's announcements include: * Findings that approximately 90% of the existing legacy debt shown on the company's records appears to be beyond the statute of limitations * Assuming that the existing legacy debt identified is in fact beyond the statute of limitations, the result may be that holders of that debt no longer have the right to sue for collection * As a result of these findings, the company is taking steps to obtain a third-party accounting and legal opinion as to whether or not the debt can be removed from the company's books permanently David Kahn, Netoy Senior Vice-President of Business Development and Legal Affairs, said, "These findings and the subsequent accounting and legal opinions we plan to obtain represent one of several steps that the company is undertaking to complete its restructure and to build a sounder financial base from which to aggressively pursue its new business model." The company expects to have an accounting and legal opinion as to whether or not the debt can be removed from the company's books by the end of calendar year 2005. As part of its restructuring, Netoy has focussed its attention over most of this past year on recruiting an experience management team and identifying investor friendly ways to prepare the company to meet market needs. If the company is able to reduce the majority of its debt without dilution to existing shareholders, then additional steps to pursue market opportunities may be possible. About Netoy was one of the first online toy companies. In late 2004 Netoy began taking steps to restructure its operations and explore new ways to impact the toy industry. Since that time, the company has totally changed its management team and taken many steps towards refining its business model. The existing retail site, which has allowed the company to experiment with new ways of generating traffic efficiently, currently carries a variety of preschool toys and preschool activities. Notes about forward looking statements Except for any historical information contained herein, the matters discussed in this press release contain forward-looking statements that involve risks and uncertainties. Certain Statements contained in this release that are not historical facts constitute forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbors created by that Act. Reliance should not be placed on forward looking statements because they involve unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to differ materially from those expressed or implied. Forward looking statements may be identified by words such as estimates, anticipates, projects, plans, expects, intends, believes, may, should and similar expressions and by the context in which they are used. Such statements are based upon current expectations of the company and speak only as of the date made. The Company undertakes no obligation to update any forward-looking statements to reflect events or circumstances after the date which they are made. SOURCE Corp CONTACT: Matt M. Bardasian, Jr., of Corp. +1-916-962-1729,