"ENVK NEWS" Xemex Holdings Corp. Completes Merger With Envirokare Tech, Inc. and Announces Name Change and Reverse Stock Split http://money.cnn.com/news/newsfeeds/articles/marketwire/0602430.htm
March 30, 2010: 02:39 PM ET
Envirokare Tech, Inc. (PINKSHEETS: ENVK) (the "Company"), announced that it has started the process to change its name to Xemex Group, Inc. to better reflect its new business model. Earlier this month, the Company acquired Xemex Holdings Corp. ("Xemex"), a commercial real estate management and development company headquartered in Brooklyn, New York.
The Company also announced that its Board of Directors has approved a 1 for 1,000 reverse split of the Company's common stock, thus reducing the outstanding common stock from 68,496,702 to approximately 68,496. Mr. Pappas, CEO, stated, "The reverse stock split of our common stock represents the next step in the Company's growth and development which will provide the foundation for access to the public capital markets."
Both the name change and the reverse stock split are subject to approval by FINRA and will take effect when approved by FINRA.
About "Xemex": Envirokare Tech, Inc., through its Xemex Holdings Corp. subsidiary, specializes in the management, development and co-op/condo conversions of residential, commercial and mixed use real estate projects. Xemex presently owns and operates a portfolio of residential and commercial properties in Brooklyn, New York. Management possesses significant experience in all real estate aspects such as management, construction, finance, rentals, leasing, co-op and or condo conversions and development (www.xemexgroup.com).