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Tuesday, October 15, 2002 10:46:38 AM
E-Rex, Inc. Enters into Financing Agreement for Up to $500,000
MIAMI, Oct. 15, 2002 (PRIMEZONE) -- E-Rex, Inc. (OTCBB:EREX) today announced that it has entered into a financing agreement with an unrelated third-party investment group to provide up to $500,000 in funding over an approximately one year period. Under the terms of the agreement, the investment group will purchase common stock from the Company at pre-determined prices based on the stock price and trading volume at the time of each funding traunch. Funding will begin after the Company files and the SEC approves a Form S-3 registration statement, which is expected to be filed within the next 14 days.
The net proceeds from the investment agreement will be used to fund the continued marketing and development of the Dragonfly mobile office platform, including accelerating payments to development partner Valcom Ltd., conducting product field trials and working toward securing long-term strategic partnerships, as well as for general corporate purposes and working capital.
Dragonfly, the Company's award-winning six-in-one prototype device, will be showcased and demonstrated at the CTIA Wireless I.T. & Internet Show in booth No. 1414 on October 17 and 18 and the third annual Windows Embedded DevCon. These events will be followed by the launch of a market research and field testing program targeting mobile workforces at leading organizations in the insurance, real estate, transportation, pharmaceutical, and field sales and service sectors, as well as agencies in government and law enforcement, presently scheduled to begin in November.
About E-Rex, Inc. and Dragonfly
A Microsoft Windows Embedded Partner, E-Rex, Inc. is a development stage technology company dedicated to designing and the future production of user-friendly portable devices and direct Internet access products targeted at the mobile and wireless market.
Awarded Best of Show for Best Mobile Office Device at Planet PDA 2002, the Company's flagship product is called Dragonfly. It is the first combined Handheld PC and Document Manager, all in a stand-alone unit about the same size and weight as a laptop computer. Users can access the Internet and e-mail, color print on plain paper, copy, fax and scan, all from one wireless device.
Additional details on the Company and Dragonfly can be found online at http://www.e-rex.net.
CONTACT: E-Rex, Inc.
Mitch Ackles, Corporate Communications Director
(305) 895-3350
mackles@e-rex.net
.
Park your Sub at the iHub - Bub; .....the experience might just "...float your boat..." !!!
MIAMI, Oct. 15, 2002 (PRIMEZONE) -- E-Rex, Inc. (OTCBB:EREX) today announced that it has entered into a financing agreement with an unrelated third-party investment group to provide up to $500,000 in funding over an approximately one year period. Under the terms of the agreement, the investment group will purchase common stock from the Company at pre-determined prices based on the stock price and trading volume at the time of each funding traunch. Funding will begin after the Company files and the SEC approves a Form S-3 registration statement, which is expected to be filed within the next 14 days.
The net proceeds from the investment agreement will be used to fund the continued marketing and development of the Dragonfly mobile office platform, including accelerating payments to development partner Valcom Ltd., conducting product field trials and working toward securing long-term strategic partnerships, as well as for general corporate purposes and working capital.
Dragonfly, the Company's award-winning six-in-one prototype device, will be showcased and demonstrated at the CTIA Wireless I.T. & Internet Show in booth No. 1414 on October 17 and 18 and the third annual Windows Embedded DevCon. These events will be followed by the launch of a market research and field testing program targeting mobile workforces at leading organizations in the insurance, real estate, transportation, pharmaceutical, and field sales and service sectors, as well as agencies in government and law enforcement, presently scheduled to begin in November.
About E-Rex, Inc. and Dragonfly
A Microsoft Windows Embedded Partner, E-Rex, Inc. is a development stage technology company dedicated to designing and the future production of user-friendly portable devices and direct Internet access products targeted at the mobile and wireless market.
Awarded Best of Show for Best Mobile Office Device at Planet PDA 2002, the Company's flagship product is called Dragonfly. It is the first combined Handheld PC and Document Manager, all in a stand-alone unit about the same size and weight as a laptop computer. Users can access the Internet and e-mail, color print on plain paper, copy, fax and scan, all from one wireless device.
Additional details on the Company and Dragonfly can be found online at http://www.e-rex.net.
CONTACT: E-Rex, Inc.
Mitch Ackles, Corporate Communications Director
(305) 895-3350
mackles@e-rex.net
.
Park your Sub at the iHub - Bub; .....the experience might just "...float your boat..." !!!
.......According to the Great Pumpkin, ".....You're in .....iHub....., Charlie Brown....."!!!
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