Auxer Announces Viva/Queen Air Signing Delay and New Dominican Republic Opportunity.Business Editors TRAVERSE CITY, Mich.--(BUSINESS WIRE)--April 10, 2003 The Auxer Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AXGI) announced today that the agreement between 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. , Viva Airlines, Inc., and Queen Air has been delayed until April 11, 2003 due to some minor technicalities. Robert J. Scott, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Auxer, reported "All of the terms and conditions of the Viva/Queen Air contract have been agreed to. The technical matters that have delayed the signing of the contracts pertain to Dominican law, foreign ownership, and the license to operate. All of these matters are being expeditiously ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex worked out by our General counsel as well as Dominican counsel we have engaged and counsel for Queen Air." Mr. Scott further said, "The delay associated with the Queen Air signing does not change the expected May closing date for the agreement. In other business news, Mr. Scott reported that Viva has commenced negotiations with a Dominican Republic Travel Association to offer passenger and cargo service from European countries to Puerto Plata. The Travel group has represented expected consumer demand that would require the utilization of a 747 for approximately 3 weekly trips. The ability to take advantage of this opportunity would fit nicely into our business plan and accordingly, we will aggressively continue our negotiations." 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 rights and other risks. |
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