Cormax Acquires Identification Technologies, Inc., Consolidates Shares, Changes Name and Changes Stock Symbol.Business Editors CALGARY, Alberta--(BUSINESS WIRE)--Jan. 21, 2003 Cormax Business Solutions, Inc. (Cormax) (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CMXS) announced today that it has closed a Share Exchange Agreement previously approved by the Board of Cormax and the Board of Identification Technologies, Inc. (IDENTEX). Under this agreement Cormax will issue 1,000,000 shares of its Series B Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. to the IDENTEX shareholders in exchange for all of the issued and outstanding shares of IDENTEX. The 1,000,000 shares of Series B Preferred Stock are convertible into 178,000,000 common shares of Cormax. Upon closing, IDENTEX shareholders have agreed to convert their preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. into common shares. As a part of this agreement, Ingenuity Marketing (2000) Inc. (Ingenuity), which holds 1,000,000 preferred Series A shares, which are convertible into 200,000,000 common shares of Cormax, has agreed to convert sufficient preferred shares so that it will hold 178,000,000 common shares. The balance of the preferred shares will be returned to treasury. In addition, 12,400,000 shares held in escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. pending a settlement agreement with former shareholders and directors have been returned to treasury. 7,200,000 shares have been issued to Mr. Richard Epstein
Richard Allen Epstein in consideration for a marketing services agreement. Cormax has applied for a 15 to 1 consolidation of its share structure. After the acquisition of IDENTEX and the share consolidation, the number of shares outstanding will be 30,637,000. The Company anticipates that the consolidation will be in effect by the end of January. In addition, Cormax has applied to the State of Utah to have its name changed to Sure Trace Security Corporation. The new name has already been reserved, so the Company anticipates that the name change will come into effect after a two-week administrative period. The Company anticipates being given a new symbol after the consolidation of shares and another, final symbol upon approval of the name change. Changing symbols twice in a month is an unavoidable result of these necessary actions. Cormax will inform its shareholders of the new symbols through news announcements. Commenting on the acquisition, Peter Leeuwerke, 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 Cormax said, "As I promised shareholders in November, I have closed the IDENTEX acquisition. Our name change reflects our focus on asset protection and brand authentication (1) Verifying the integrity of a transmitted message. See message integrity, e-mail authentication and MAC. (2) Verifying the identity of a user logging into a network. . We look forward to an active year in pursuing our business plan." About Sure Trace Security Corporation (Cormax) Sure Trace manufactures and sells proprietary security products for Asset Protection and Brand Authentication markets. These combined markets offer the Company substantial growth possibilities. Sure Trace currently operates from coast to coast in Canada and intends to expand its services into the US. The Company is reviewing key alliance and acquisition opportunities to help it fast track growth and profitability. This press release contains forward-looking information within the meaning of section 27A of the Securities Act of 1933 and section 21E of the Securities Exchange Act of 1934 and is subject 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. created by those sections. This material contains statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. Such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. by definition involve risks, uncertainties and other factors, which may cause the actual results, performance or achievements of CMXS to be materially different from the statements made herein. In particular there is no assurance that CMXS will consummate To carry into completion; to fulfill; to accomplish. A Common-Law Marriage is consummated when the parties live in a manner intended to bring about public recognition of their relationship as Husband and Wife. the acquisition of IDENTEX on terms beneficial to CMXS or at all. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion