SmallCaps Online LLC Comments on ACTV Following Recent Events; Raises Price Target to $32-35 Per Share

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New York, NY, May 17, 1999 -- SmallCaps Online LLC today published comments on ACTV (Nasdaq: IATV) following recent events and raised its 12-month price target. The full text of this report can be accessed at SmallCaps' web site, at www.SmallCapsOnline.com.

Jeffrey B. Davis, President of SmallCaps Online stated, "There have been several announcements over the past two weeks that we feel have positive implications for ACTV and its shareholders. These include the roll-out of ACTV’s HyperTV in Exodus facilities and the acquisition of the Wolzien patent, which complements ACTV’s HyperTV technology patents. Over the past two weeks we have updated our financial model to take into account the current roll-out of HyperTV Networks in the entertainment industry and have subsequently raised out 12-month target price range to $32 to $35 per share."

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SmallCaps Online LLC is a registered investment advisor focused on identifying emerging growth companies in the healthcare and information technology sectors that offer compelling investment opportunities over the long term. By providing comprehensive financial services, including corporate finance, M&A advisory, strategic partnering and communications consulting, the company positions itself to provide a fully integrated package of value-added services to emerging growth companies.

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The information in this press release has been obtained from sources that SmallCaps Online LLC believes to be reliable, but the Company does not guarantee its accuracy or completeness. Neither the information nor any opinion expressed constitutes a solicitation by SmallCaps Online LLC for the purchase or sale of any securities. SmallCaps Online LLC may solicit investment banking, consulting or other business from, any company mentioned in this release. SmallCaps Online LLC or persons associated with SmallCaps Online LLC may at anytime be long or short any of the securities referred to herein and may make purchases or sales thereof while the Company's reports are in circulation or posted on the SmallCaps Online LLC web site at www.SmallCapsOnline.com. This material, or any portion thereof, may not be reproduced without prior permission from SmallCaps Online LLC. SmallCaps Online LLC is not responsible for the contents of this document that is intended for electronic transmission and could be thus subjected to tampering or alteration. Copyright © 1999 by SmallCaps Online LLC. All rights reserved.