ORLANDO, Fla., April 15, 2004 (PRIMEZONE) -- eMax Corporation (Pink Sheets:EMAX) today announced the formation of a new subsidiary company eMax Adventures, Inc., a Florida Corporation, as the second of four planned ventures in the company's second round of business development activities. eMax Adventures will target family oriented sport and leisure travel initially focusing on ownership of SCUBA dive operations and resorts in the US, Gulf of Mexico and Caribbean developing a series of all-inclusive travel options compatible with family budgets.
Upon formation of the new company and completion of the capital restructuring of eMax Corp announced April 14th, eMax Corp will issue 700,000 of its common shares at $3.50 per share in exchange for 100% of the common shares of eMax Adventures. eMax Adventures will use this capital infusion to execute the company's initial acquisitions and marketing and ultimately intends to complete an OTCBB IPO thereby returning value to eMax Corp Shareholders.
eMax Adventures is currently negotiating the acquisition of a property in Roatan, Honduras located on the south side of the island in an area recognized for some of the best wall diving in the world. The property is expected to be a low key, family friendly, relaxed lifestyle destination offering two boat dives daily and unlimited shore diving, lodging and meals in the $500 to $600 per person per week price range with reduced non-diver rates and optional dive training and certification. With low priced non-stop flights to and from several US cities via TACA Airlines, the resort will present a world class diving destination that is safe, convenient and affordable. eMax Adventures projects first year gross revenue for this property on the order of $750,000.
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.