Exhibit 99.3
                Press Release dated December 21, 1998 
                                    
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   








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SPECTRUM 
INFORMATION TECHNOLOGIES, INC.
  
CONTACT:  For Media Only:                Investors:
          Jon M. Gerber                  Spectrum Information Technologies, Inc.
          Spectrum Information           Investor Relations
            Technologies, Inc.           Tel: (914) 251-1800 (ext. 182)     
          Tel: (914) 251-1800 (ext. 149)          
  
                      Spectrum Completes Change in Control
                   and Relieves Restriction on Stock Transfers
  
     PURCHASE, NY - December 21, 1998. Spectrum Information  Technologies,  Inc.
(OTC BB: SITI)  reported  today that in  connection  with the  completion of the
previously  announced  change in  control of the  Company,  a  provision  in its
Certificate  of  Incorporation  restricting  the  transfer of its stock would no
longer be enforced. As the Company announced last week, Powers & Co. invested in
the Company and assumed a controlling  interest in the  Company's  common stock,
and Lawrence M. Powers,  the  principal  of Powers & Co.,  became the  Company's
Chairman and Chief Executive  Officer.  This change in control to Mr. Powers was
approved by the Company's prior Board. As a result of this change in control, as
well as the  Company's  previously  announced  change in strategic  direction to
Internet  marketing,  the  Company  determined  that it  cannot  and will not be
utilizing any pre-existing net operating loss carryforwards.  Consequently,  the
Company's  new  Board  has  determined  that  the  provision  in  the  Company's
Certificate of Incorporation  and By-Laws  requiring Board approval of transfers
of the Company's common stock to persons or groups which own or would acquire 5%
of the common stock would no longer be enforced.
  
     In addition,  in connection with the Company's announced plan to change its
name to  "Siti-Sites.com,  Inc." upon receipt of approval from its shareholders,
the Company intends to conduct business under the assumed name  "Siti-Sites.com"
pending such shareholder approval.
  
     This  press  release  contains   statements  that  are   "forward-looking,"
including  those  concerning  the  Company's  new  management.  There  can be no
assurance  that  Spectrum's new management  team can  successfully  implement an
Internet marketing strategy. There are many risks associated with this strategy,
including the Company's  ability to attract and retain  skilled  managerial  and
technical  staff,  its low  capitalization  and its ability to raise  additional
capital if necessary.
  
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