SAN JOSE, Calif., Nov. 21, 2003 (PRIMEZONE) -- Medinex Systems, Inc. (OTCBB:MNXS) On November 14, 2003, Medinex Systems Inc. completed a stock exchange transaction with the stockholders of Maxus Technology Inc., or "Maxus". As a result of this transaction, Medinex continued to the business operations of Maxus, with management of Maxus assuming similar positions with Medinex. Medinex intends to change its name as soon as possible to better reflect the new business operations of the company. The common shares of the company will trade on the Nasdaq Over-the-counter Bulletin Board under the symbol "MNXS" until a new symbol can be obtained following the pending name change.
Pursuant to the Exchange Agreement, Medinex issued 15 million shares of its common stock, to the stockholders of Maxus Technology Inc., representing approximately 70% of the issued and outstanding Medinex common stock following the exchange, in exchange for 100% of the outstanding capital stock of Maxus. After giving effect to the exchange, Medinex had 21,203,563 shares of its common stock outstanding. At the closing of the exchange, Maxus became a subsidiary of Medinex. For further information on this transaction and Maxus please make reference to our 8K - Current Report filing with the Securities and Exchange Commission.
About Maxus
Maxus Technology Inc. was founded in 1994 as an asset recovery expert for the telecom industry and was an early pioneer in the pre-owned technology marketplace. In the last 10 years of serving customers worldwide, we have developed in-depth asset recovery and eWaste expertise, extensive supply-and sell-side networks. Maxus has an international sourcing network enabling us to secure in-demand products. Maxus customers have come to rely on us for providing low-cost, high-quality alternatives to new products. In a fragmented market crowded with small, unsophisticated operations, Maxus continues to remain a trusted and respected resource.
Medinex has its executive offices at 18300 Sutter Boulevard, Morgan Hill, CA 95037, with Maxus conducting certain of its business operations from its Calgary, Alberta facility located at 3019 - 16th Street NE, Calgary, Alberta, T2E 7K8. The company's toll free telephone number is 800-514-8192. The company website can be found at www.maxustech.com.
SAFE HARBOR Information in this news release or on this website may contain statements about future expectations, plans, prospects or performance of Medinex or Maxus. that constitute forward-looking statements for purposes of the safe harbor provisions under the Private Securities Litigation Reform Act of 1995. The words or phrases "can be," "expects," "may affect," "believed," "estimate," "project," and similar words and phrases are intended to identify such forward-looking statements. The company cautions you that any forward-looking information provided by or on its behalf is not a guarantee of future performance. None of the information on this website constitutes an offer to sell securities or investment advice of any kind, and visitors should not base their investment decisions on information contained in this website The company's actual results may differ materially from those anticipated in such forward-looking statements as a result of various important factors, some of which are beyond the company's control, in addition to those discussed in the company's press releases, public filings, and statements by the company's management, including, but not limited to, estimates of the sufficiency of its existing capital resources, abilities to raise additional capital to fund future operations and repay its existing indebtedness, and the uncertainties involved in estimating market opportunities. All such forward-looking statements are current only as of the date on which such statements were made. The company does not undertake any obligation to publicly update any forward-looking statement to reflect events or circumstances after the date on which any such statement is made or to reflect the occurrence of unanticipated events.