CeleXx Announces Management and Board Changes and Engages Public Relations Firm.Business Editors/High Tech Writers CORAL SPRINGS Coral Springs, city (1990 pop. 79,443), Broward co., SE Fla.; inc. 1963. Largely residential, it is a city that has grown rapidly along with the southern Florida and Fort Lauderdale area. The population of Coral Springs nearly doubled between 1980 and 1990. , Fla.--(BUSINESS WIRE)--May 29, 2002 CeleXx Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CLXX), a leading provider of technology and distance learning (e-learning) solutions that allow companies to operate and grow their businesses more efficiently and improve employee productivity, today announced that CFO See Chief Financial Officer. and Vice President of Finance David C. Langle will take on the additional duties of interim 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. and President for the Corporation. As a result of the Corporation having scaled down its operations, Mr. Langle assumes the added responsibility of rebuilding and managing it through a new phase of growth. Mr. Langle indicated that currently he is aggressively pursuing new opportunities and possible acquisition targets to bring under the CeleXx umbrella, as well as holding continuing discussions with its major convertible preferred stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". holder in an attempt to restructure the capitalization of the Corporation. The Corporation also accepted the resignations of William Learner and Douglas H. Forde from the Board of Directors. Mr. Langle agreed to rejoin the Board of Directors. Lionel Forde and Lawrence Sands continue to serve on the Board of Directors. The Corporation also announces re-engaging Wall Street Communications Group, Inc., Boulder, Colorado The City of Boulder (, Mountain Time Zone) is a home rule municipality located in Boulder County, Colorado, United States. Boulder is the 11th most populous city in the State of Colorado, as well as the most populous city and the county , ("Wall Street") as its investor and media relations firm. Wall Street will assist the Corporation in developing an IR strategy and programs, investor targeting and introduce the Corporation to its extensive database of high net worth investors, retail brokers, institutions and analysts. The Private Securities Reform Act of 1995 provides a "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. " for forward-looking statements. Certain information included in this Press Release (as well as information included in oral statements or other written statements made or to be made) contains statements that are forward looking, such as those relating to the Company's management, business direction and legal risk. Such forward looking information involves important risks and uncertainties that could significantly affect anticipated results in the future and, accordingly, such results may differ materially from those expressed in any forward looking statements. |
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