EREX-"The Dragonfly" (fka EREX)

[jmhollen]

E-Rex, Inc. Revises Quarterly and Annual Reports Based on SEC Comments; Management Moves to Continue to File Reports for the Company as Being in the Development Stage and Meet Other SEC Requirements in Preparation for Re-Filing the SB-2 Registration


MIAMI, March 28, 2002 (PRIMEZONE via COMTEX) -- Today, E-Rex, Inc. (OTCBB: EREX)
restated its 10-QSB Quarterly Statement for the quarter ended September 2000 and
the 10-KSB Annual Statement for the period ended December 2000. The Company
intends to also restate March, June and September 2001 quarterly statements over
the next few days. These filings are being restated to clarify and provide
additional information as required by the Securities and Exchange Commission in
comments to the SB-2 filings which have been made by the Company. References
throughout the financial statements are accurate as of the date originally
filed. The Company has not undertaken to update all of the information in the
reports, but instead has updated only those areas requested by the Commission.

For complete details on these filings please visit www.sec.gov.

"During the course of reviewing comments from the SEC to our earlier SB-2
registration statements we elected to restate certain quarterly and annual
reports. The SEC has asked that E-Rex present it's financial information as a
development stage enterprise as well as requesting further information regarding
the Swartz funding agreement and related charges, policies regarding revenue
recognition and the policies, treatment and charges related to investments the
company holds," stated Carl Dilley, E-Rex President and CEO. "These revisions
now clear the path for the Company to file a new SB-2 registration statement in
the near future, with the goal of obtaining access to long-term funding through
the agreement with Swartz Private Equity LLC, upon SEC approval."

About E-Rex, Inc.

Headquartered in Miami, E-Rex, Inc. (OTCBB: EREX) is a publicly traded technology
company dedicated to designing and the future production of stand-alone user
friendly portable devices and direct Internet access products targeted at mobile
enterprise users.

This press release may contain forward-looking information within the meaning of
Section 27A of the Securities Act of 1933 or Section 21E of the Securities and
Exchange Act of 1934 and is subject to the safe harbor created by these
sections. E-Rex, Inc. assumes no obligation to update the information contained
in this press release. Certain information included herein may contain
statements that are forward-looking, such as statements relating to plans for
future expansion and other business development activities as well as operating
costs, capital spending, financial sources, and the effects of competition. Such
forward-looking information is subject to changes and variations which are not
reasonably predictable and which could significantly affect future results.
Accordingly, such results may differ from those expressed in any forward-looking
statements made by or on behalf of the Company.



SUBJECT: Company Announcements


KEYWORDS: INTERNET, SOFTWARE, COMPUTER


CONTACT: E-Rex, Inc.

Mitch Ackles, Corporate Communications Director

[phone]

[e-mail]