GSV, Inc. Acquires Texas Oil and Gas Interests

WESTPORT, Conn., Jul 21, 2003 -- GSV, Inc. (OTCBB Symbol:GSVI) reported today that it had acquired certain oil and gas interests in Texas from Polystick U.S. Corp., a New York corporation and shareholder of GSV ("Polystick"). The transaction involves the merger of Cybershop, L.L.C., a New Jersey limited liability company and wholly-owned subsidiary of GSV, and Polystick Oil & Gas, Inc., a Delaware corporation and a wholly-owned subsidiary of Polystick. In exchange for the oil and gas interests, GSV issued 4,500,000 shares of Common Stock and 1,500,000 shares of newly authorized Series B Convertible Preferred Stock to Polystick.

Gilad Gat, President and CEO of GSV, said, "this is a major step forward in our plans to transform our business and become a player in the domestic oil and gas industry. Given the recognized need for increased production of natural gas in this country, we believe this is a great time to increase our stake in this exciting industry."

In connection with the acquisition of the oil and gas interests and the issuance of the Series B Preferred Convertible Stock, GSV redeemed all of its existing outstanding Series A Convertible Preferred Stock for $400,000.70. GSV paid $200,000.70 of the redemption price in cash and the balance by a promissory note secured by a lien on all of GSV's assets.

Forward-Looking Statements

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