Exhibit 99.1
                Press Release dated December 14, 1998 
                                    
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   
                                   











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For Immediate Release
  
  SPECTRUM 
  INFORMATION TECHNOLOGIES, INC.
  
  CONTACT:  For Media Only:             Investors:
            Michael Freitag             Spectrum Information Technologies, Inc.
            Kekst & Company             Investor Relations
            (212) 593-2655              Tel:  (914) 251-1800 ext. 182      
            
                        Spectrum Information Technologies
                                 Raises Capital;
                      Names New CEO and Board of Directors
  
     PURCHASE,  NY December 14, 1998. Spectrum  Information  Technologies,  Inc.
(OTC  BB:  SITI)  reported  today  that  Powers  &  Co.,  a  private  investment
organization, has invested $600,000 in the company. In exchange, Spectrum issued
to Powers & Co. 3,000,000 shares of common stock and an option pursuant to which
Powers & Co. may  purchase  an  additional  1,800,000  shares for an  additional
$270,000,  or $0.15 per share.  Spectrum's  stock  closed at $0.125 per share on
Friday.
  
     In connection  with the  investment,  Spectrum  elected  Lawrence M. Powers
Chief  Executive  Officer and Chairman of  Spectrum's  Board of  Directors.  Mr.
Powers is the  principal of Powers & Co. and was  Chairman  and Chief  Executive
Officer of Spartech  Corporation (NYSE: SEH) from 1984 - 1992. At Spartech,  Mr.
Powers  raised  significant  capital  and led a  consolidation  in the  plastics
processing  industry,  building revenues from $25 million to $200 million during
his tenure.  In connection  with the  appointment of Mr.  Powers,  the company's
existing  directors resigned from the Board in favor of a new slate of directors
consisting of Reese Schonfeld and Jon M. Gerber.  Spectrum's  existing  officers
also resigned.
  
     Mr.  Powers  indicated  that he intends to implement a strategy  related to
Internet  marketing and the Board expects to appoint new officers and additional
Board  members.  Mr.  Powers also stated that the new  management  is  currently
considering several  alternatives.  Spectrum's FastLane Web acceleration service
will  continue to be  available  for a limited  time,  while the new  management
assesses it.
  
     Spectrum's departing Board issued the following statement,  "We are pleased
that Powers & Co. has invested in Spectrum,  and appointed  distinguished  board
members. We wish Larry and his new team success going forward."
  
     Mr. Powers is a private investor,  educated at Washington University,  Yale
Law School and various senior management programs at Harvard Business School. As
a New York securities lawyer, he handled many public offerings and acquisitions.
  
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Spectrum Information Technologies, Inc.
Page 2
  
  
     Reese Schonfeld, a new director and investor, has been in the broadcast and
cable news business for over thirty  years.  He helped found CNN (the Cable News
Network)  and was its first Chief  Executive.  He developed  several  other news
channels and programs  and, in 1992,  helped  develop the TV Food  Network.  Mr.
Schonfeld  served as  president  of this  network.  He was educated at Dartmouth
College,  and at  Columbia  University  where he  received  an M.A.  degree  and
graduated from its law school.
  
     Jon M. Gerber is a management consultant, with an engineering background in
high-tech  components  and computer  systems.  From 1987 through 1994, he was an
on-site  management  consultant  with many large  companies  where he focused on
improving  operations.  He has a B.A. in chemistry from Missouri  University and
received his M.B.A.  in finance from the  University of Wisconsin.  He presently
conducts his own investment broker/management business in New York.
  
     The new Board is also planning to appoint Robert  Ingenito a director,  who
will become an additional  investor.  Mr.  Ingenito has for over 25 years been a
key figure in developing the list industry and direct marketing business,  using
databases  and  programs for  Intranet  and  Internet  applications.  He founded
several   companies  in  these   fields,   and  now  owns  and  manages   Access
Communications  Systems, a specialized  transactional  mail company,  and Access
Direct Mail Systems, a high volume direct-mail company.
  
     Earlier this year, Spectrum launched FastLane,  an on-line Web acceleration
service, and, as previously  announced,  has been attempting to raise capital to
market the service.  In Spectrum's  recently filed quarterly report on Form 10-Q
for the period ended  September  30, 1998,  Spectrum  stated that it intended to
seek  protection  under  Chapter  11 of the U.S.  Bankruptcy  code if it did not
locate capital.
  
     This  press  release  contains   statements  that  are   "forward-looking,"
including  those  concerning the Company's new management and intended  business
direction.  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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