Auxer Focuses On New Strategy; Company Plans to Streamline and Make New Investments.Business Editors WEST PATERSON West Paterson (păt`ərsən), borough (1990 pop. 10,982), Passaic co., NE N.J., a suburb of Paterson; inc. 1914. Electric, electronic, and photographic products are made in the borough. , N.J.--(BUSINESS WIRE)--April 15, 2002 The Auxer Group, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :AXGI) (www.axgiinvestor.com) announced today that its initial phase of restructuring nears completion. While Auxer's 2001 results, which will be released today, showed losses, the Company expects the restructuring efforts, which occurred in the first quarter of 2002 to positively impact the Company's operations. The Company has reduced operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. and developed a new strategy that will focus on acquiring operations in conjunction with streamlining and eliminating product lines which do not fit Auxer's growth plans and direction. "Auxer is nearing the completion of a difficult restructuring phase. I am working to streamline Auxer's current operating subsidiaries by eliminating overhead and product lines that do not fit Auxer's future. Our team has entered discussions with new acquisition candidates and investment opportunities. I expect to release more information on our strategy and candidates for investments over the next several weeks," said Eugene Chiaramonte, Chairman of The Auxer Group, Inc. ABOUT THE COMPANY The Auxer Group is a holding company that consists of two groups; a Telecommunications Group and an Automotive Group. The Telecommunications Group is focused on distribution of prepaid products, which includes The X-Factor(TM) and Platinum Series(TM). The Automotive Group is focused on aftermarket Aftermarket See: Secondary market. aftermarket See secondary market. wholesale and distribution of automotive and marine products and parts, which includes Easy Test(R) and Garry's Royal Satin(TM). 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. For further information please contact the Company at (800) 201-3972 and ask for investor relations Investor relations The process by which the corporation communicates with its investors. or Eugene Chiaramonte or visit our website www.axgiinvestor.com. |
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