ORLANDO, Fla., Jan. 14, 2004 (PRIMEZONE) -- eMax Net, Inc., a Florida corporation minority owned by eMax Corporation (Pink Sheets:EMAX) and Xenicent (OTCBB:XCNT) have agreed to terminate the letter of intent between the two companies wherein eMax Net would have acquired approximately 85% of Xenicent. The parties have agreed that the transaction could not be completed in a timely enough manner to satisfy the interests of the companies. "Upon further review by the management and directors, we felt it was more valuable to our shareholders and the shareholders of eMax if we did not go forward with the acquisition," stated Don O'Neill VP of eMax Net, Inc.
In a related development, eMax Corporation announced that distribution of the stock dividend in Freedom Entertainment to eMax shareholders would begin on or about January 24th. When the dividend was announced in March 2003 it was anticipated that shareholders of record as of March 14, 2003 would receive one share of Freedom for every ten shares of eMax. Roxanna Weber, CFO of eMax, stated, "As it turns out, eMax shareholders will receive approximately one share of Freedom for every nine shares of eMax that they owned on the record date. We are pleased that the dividend is actually about 10% better for our shareholders than we originally anticipated."
Ms. Weber further stated, "We have recently engaged and paid Greentree Financial Group to help us with our Form 10 and Registration filings. We intend to have Greentree also prepare the filings for Freedom. Hopefully, we will have the Freedom shares trading by this summer."
About eMax Net Inc.:
eMax Net, Inc. plans to launch a twenty-four hour broadcast network showcasing all-family entertainment. The company intends to license broadcast programming to satellite and cable broadcast networks competing directly with the major networks. eMax Net, Inc. owns the rights associated with emaxol.com, which recently entered an agreement to acquire sixteen television stations throughout the U.S. and plans to finalize an alliance with iDVDBox, Inc. to market the i2DVD player. eMax Net, Inc. plans to acquire the rights to a full media production and post-production facility in Florida as well as additional companies in the Internet, broadcasting, communications and wireless industries.
About eMax Corporation:
eMax Corp. is a holding company investing in multimedia and family entertainment content through two corporations and three divisions (eMax Realty Group, Inc. and eMax Net Inc. with divisions eMax Music, eMax Studios and eMax TV Group) and a shareholder interest in the company Freedom Entertainment International, Inc. (with subsidiary Freedom Entertainment Canada, Inc.). These seven operating areas offer technology-driven, high-quality products and services focusing on pre-recorded music, outdoor sports and special events, sales of motorcycles and motorcycle-related accessories, feature film production, television programs and the acquisition and development of real estate. Corporate updates & developments: http://www.emaxcorp.com
Current quotes: http://www.pinksheets.com/quote/quote.jsp?symbol=EMAX
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, which are intended to be covered by the safe harbors created thereby. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including, without limitation, the future press releases of eMax.