ORLANDO, Fla., Feb. 24, 2004 (PRIMEZONE) -- eMax Corporation, a publicly held Delaware Corporation (Pink Sheets:EMAX), today disclosed the details of the company's ownership of eMax Net, Inc. (EMAXNET) in response to repeated shareholder inquiries related to recent EMAXNET developments. Between March 2000 and present, EMAX has acquired 3,214,285 shares of EMAXNET in exchange for 19,705,882 common EMAX shares in three transactions at a total book value of $5,426,470.50 representing approximately $1.69 per share of EMAXNET and $0.275 per share of EMAX. In addition, EMAX licensed the rights to its Gateways to Space series of NASA educational titles to EMAXNET in January 2004 for an additional $2,000,000 in EMAXNET shares. The company's total position in EMAXNET currently represents a cash equivalent value, based on book, of $0.113 per issued and outstanding EMAX common share. The company notes the interests and values stated herein are apart from all other assets and interests EMAX holds in matters unrelated to EMAXNET.
About eMax Corporation:
eMax Corp. is a holding company investing in multimedia and family entertainment content through two corporations and four divisions (eMax Realty Group, Inc. and EMAXNET, Inc. with divisions eMax Music, eMax Productions, eMax Software Group and eMax TV Group) and a shareholder interest in the company Freedom Entertainment International, Inc. (with subsidiary Freedom Entertainment Canada, Inc.). These eight 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.
EMAX 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.