CeleXx Corporation Ends Merger Talks With 5B Technologies Corp.; Senior VP Vincent Caminiti Reappointed Chief Operating Officer.Business Editors CORAL SPRINGS, Fla.--(BUSINESS WIRE)--July 19, 2001 The Board of Directors of CeleXx Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CLXX) today said that on Wednesday it had notified 5B Technologies Corp. of its unanimous decision to terminate merger discussions. The Board said it would renew its plan to grow the company aggressively, both internally and through strategic acquisitions. "We believe this decision is consistent with our goal to maximize shareholder value," said David Burke, Sr., Chief Executive Officer of CeleXx. "We have restructured our staff to realize the inherent benefits of building upon the unique strengths and talents within our organization. In addition," said Burke, "we are pleased to announce the reappointment reappointment Hospital practice The renewal of medical staff membership and privileges of a practitioner whose previous service on the medical staff has met the staff's standard of Pt care. See Appointment. of Vincent Caminiti, a founding director and senior vice president of CeleXx, as Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. . He will help to spearhead our planned growth. "We feel very confident," said Burke, "that we will be able to realize a significant improvement in our market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. going forward. Our goal is to become a fully listed trading security, as we continue to build a strong customer base and grow tactical relationships. In characterizing recent operating performance of CeleXx, Burke noted that the company has operated under difficult circumstances, with limited commercial credit and a dwindling dwin·dle v. dwin·dled, dwin·dling, dwin·dles v.intr. To become gradually less until little remains. v.tr. To cause to dwindle. See Synonyms at decrease. stock price, coupled to market variables and a technically challenged marketplace. Despite this, the 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. noted, the two key CeleXx units, CMI (Computer-Managed Instruction) Using computers to organize and manage an instructional program for students. It helps create test materials, tracks the results and monitors student progress. and Pinneast, have exceeded last year's operating results, met operating goals and achieved ongoing profitability, despite an industry downturn. "This is an enormous tribute to the leadership and commitment demonstrated by our employees at each of our units," said Burke. "While it may take us a few more quarters to achieve overall profitability," Burke added, "the changes we have set in motion, which ultimately involve nothing more profound than getting back to basics, will better enable us to carry forward with our business plan. "An integral part of that plan," the CEO concluded, "is to explore every opportunity in terms of the right strategic partnerships and acquisition opportunities in this very dynamic marketplace." This press release contains forward-looking statements as defined in 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. Readers are cautioned not to place undue reliance on these forward-looking statements. Actual results may differ materially from those indicated by these forward-looking statements as a result of risks and uncertainties impacting the company's business. |
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