Auxer Announces Dominican Republic Acquisition.Business Editors/Travel Writers TRAVERSE CITY Traverse City, city (1990 pop. 15,155), seat of Grand Traverse co., N Mich., at the head of the West Arm of Grand Traverse Bay, in a resort and cherry-growing region; inc. 1881. , Mich.--(BUSINESS WIRE)--Feb. 19, 2003 The Auxer Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AXGI) announced today that Viva Airlines, Inc., its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , has formed Viva Dominicana, Inc. S. A. and has agreed to acquire Aerocontinente Dominicana, S.A. The agreement provides for the acquisition of 100% of the common stock of Aerocontinente for $1.2 million in cash. The agreement specifies a closing date on or before April 30, 2003. Robert Scott, Auxer's Chairman, stated, "We are pleased to be able to acquire Aerocontintente through Viva Dominicana. This acquisition includes an existing 737-200 jet aircraft but more importantly the Dominican Air Carrier Certificate. Aerocontintente is currently operating. Accordingly, as soon as we are able to close Viva Dominicana we will be able to conduct flight operations. We can now concentrate on accelerating the closing date. As a result of the Aerocontinente acquisition, our expected flight services will originate from Santiago to New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of (JFK) and Miami and from Santo Domingo to New York (JFK), Miami, Georgetown (Guana), Cancun and Lima (Peru). Additionally, we are maintaining our efforts to acquire Queen Air, Aeronaves Queen, S. A. as it continues to offer solid economic value." Forward-looking statements in this release are made pursuant to the "safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Investors are cautioned that such forward-looking statements involve risks and uncertainties, including, without limitation, continued acceptance of the company's products, competition, new products, and technological changes, intellectual property and other risks. |
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