MIAMI, Feb. 12, 2002 (PRIMEZONE) -- Today E-Rex, Inc (OTCBB:EREX) announced that development partner Valcom, Ltd. has been paid in full for all past due costs associated with the development project for the Dragonfly information and document management appliance.
E-Rex satisfied its past due obligations through the issuance of 4,648,186 shares of common stock to Valcom owner Paul MacPherson. E-Rex has been strictly adhering to a new payment schedule with Valcom, and is ahead in scheduled payments for the ongoing work associated with the project.
"We are very pleased that E-Rex was able to clear these past due invoices and we are still moving full speed ahead on completing development on the Dragonfly prototypes," stated Paul MacPherson, Valcom's President.
E-Rex Management is continuing to schedule demonstrations of the new Dragonfly with potential manufacturing and marketing partners. The Company is also planning a tradeshow and media tour for Dragonfly once prototype development is completed.
"The Dragonfly is the perfect blend of a full-powered mobile computer and multi-functional document manager. Mobile professionals know that we are not living in a paperless society, and a true mobile office is not complete without color printing, faxing and scanning -- all built-in features for the portable and wireless-ready Dragonfly," stated Carl Dilley, E-Rex President.
E-Rex Management Comments on Lawsuit
E-Rex Management confirms that E-Rex has been named as defendant in a recently filed lawsuit.
"It is unfortunate that, at a time when we are so close to finishing the prototypes with Valcom with whom we have worked out final payment arrangements, and close to securing a source of long-term financing for the Company through our line of credit with Swartz, the Company now has to divert some of its resources to defense of this lawsuit," stated Carl Dilley, E-Rex President.
"The current E-Rex Board of Directors was elected by a substantial majority shareholder vote in August of 2001. Clearly, these few shareholders are pursuing an agenda that is not in the interests of the other shareholders or the Company, and we believe that will become evident as this lawsuit progresses," commented Don Mitchell, E-Rex Chairman.
The Company intends to continue with development of the Dragonfly prototype and re-filing of the SB-2 registration statement with the SEC. "Obviously, with these new developments, our anticipated timing of both those major projects may have to be adjusted," added Carl Dilley.
E-Rex will continue to keep the public updated as more information becomes available.
About Dragonfly
The Dragonfly Handheld PC and Document Management Appliance combines the latest portable technology with the office tools today's business users require -- all designed to fit in a standalone unit about the same size and weight as a laptop computer. Users can surf the Internet, send and receive e-mail, color print, copy, fax and scan, all from one unique portable device.
A 206 MHz Intel StrongArm processor running the Windows Handheld PC operating system powers the Dragonfly. Onboard it has 32 MB of upgradeable SDRAM and can accommodate high-speed Flash RAM from 48 to 440 MB. The keyboard is two-thirds of a full-size keyboard, and the display is a touch-sensitive 4" X 3" color TFT. The unit also houses color-printing technology from the Canon portable Bubble Jet and a fully functional fax, copier and scanner; 2 PCMCIA slots; and serial, parallel, USB and infrared ports.
About E-Rex, Inc.
Headquartered in Miami, E-Rex, Inc. (OTCBB:EREX) is a publicly traded technology company dedicated to the design and future production of standalone user friendly portable devices and direct Internet access products targeted at mobile enterprise users. Further details on the company and its products can be found at http://www.e-rex.net.
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.