ORLANDO, Fla., May 24, 2004 (PRIMEZONE) -- eMax Corporation (Pink Sheets:EMAX) today announced the resolution of the capital restructuring process previously announced on April 14th.
The Company notes the restructuring was not completed on the April 30th target date of record due to procedural issues which have been resolved as of today's date. The restructuring will be completed and effective on or before May 26th, 2004 after which time the company will trade under a new CUSIP number and potentially, at NASDAQ discretion, under a new ticker symbol. Further, in conjunction with the restructuring, the company notes it has affected a name change from eMax Corporation to eMax Holdings Corporation to better reflect its business model and to further reduce investor confusion between the business operations of the parent holding company and its subsidiary operating companies.
eMax Holdings Corporation currently manages a portfolio of four subsidiary companies: eMax Net, eMax Realty Group, eMax Adventures and Freedom Entertainment International. In addition, the company is currently negotiating with two startup companies in the technology sector.
1 eMax Net, Inc: The most mature of the eMax subsidiaries, EMAXNET,
is a family oriented media, production and broadcast company
currently in the process of completing a merger with ReDOX
Technology Corporation (OTCBB:RDOX) which will subsequently result
in a second stock dividend to eMax Holdings shareholders.
2 eMax Realty Group is a real estate development company seeking out
commercial retail properties, entertainment venues and high end
residential development and is currently negotiating real estate
acquisitions in Central Florida and Colorado.
3 eMax Adventures is the newest of the eMax subsidiaries. Focusing
on family valued sport and leisure travel throughout the US,
Caribbean and Gulf of Mexico, eMax Adventures is currently in the
process of acquiring a resort property in Roatan, Honduras and is
seeking the acquisition of a second eco-resort in Belize.
4 Freedom Entertainment International is an entertainment events
production and merchandising company with strong ties to motor
sports in general and motorcycles in particular. eMax Holdings is
currently divesting its interest in Freedom Entertainment by way
of a stock dividend to eMax shareholders announced in March of
2003.
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.