Corporate Vision To Receive Up To $2,500,000 In Royalty Assignment.Business Editors CHARLESTON, S.C.--(BUSINESS WIRE)--Oct. 2, 2002 Corporate Vision, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CVIA CVIA Computer Virus Industry Association ) (the "Company"), is pleased to announce that Environmental Energy Services, Inc. (OTCBB:EESV) has agreed to invest up to $2,500,000 in the Company. Pursuant to a Stock Purchase Agreement (the "Agreement"), EESV has irrevocably agreed to purchase up to 20,000,000 shares of common stock of the Company, at a price of $0.125 per share, for a total purchase price of $2,500,000. EESV shall be obligated ob·li·gate tr.v. ob·li·gat·ed, ob·li·gat·ing, ob·li·gates 1. To bind, compel, or constrain by a social, legal, or moral tie. See Synonyms at force. 2. To cause to be grateful or indebted; oblige. to purchase such common stock in installments equal to fifty percent (50%) of the amount it receives as a royalty under a Binder Technology License Agreement with Alabama Fuel Products, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ; Startec, Inc. (Pinks:STIN STIN Suppliers' Trial Information Note (UK) STIN Sim Toolkit Indication ); and Startec Energy, Inc. (the "Royalty"), up to a maximum of $2,500,000. As part of the Agreement, EESV has granted the Company a security interest in its interest in the Royalty to secure the obligation to purchase the shares. In addition, EESV has agreed to become a part of and be bound by the provisions of the existing Stockholders' Agreement dated March 5, 2002 by and among Gregory J. Gibson, the Company and Global Eco-Logical Services, Inc. (Pinks:GECL GECL General Counsel and Legal Services Department (African Development Bank) ) a/k/a Intercontinental Holdings, Inc. Further, the Company has agreed, after EESV has invested at least $500,000 under the agreement, to permit EESV to nominate one additional member to the Board of Directors, which currently contains two members. Payments under the royalty agreement are currently the subject of pending litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. , and therefore the amount and exact timing of the purchase of common stock cannot be predicted at this time. Scheduled royalty payments, however, are being made by the payor thereof, and are being held in escrow pending resolution of the litigation. The Company plans further press releases detailing the exact timing of the purchase of shares as more information becomes available. A. Leon Blaser, Ph.D., the Company's advisory member to the Board and Chairman/CEO of EESV, commented: "We at Environmental Energy cannot be more delighted with the contemplated investment and affiliation with CVIA. Our ability to assist the Company in its projected growth and acquisition strategy will likely ensure a positive return for our companies and shareholders alike." Mr. Gregory J. Gibson, 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 the Company, commented: "The Company has continually demonstrated and reiterated its committed and plans for growth; an infusion of capital under this Agreement can only contribute to the success of the strategy. We pray for a swift resolution of the Royalty interest royalty interest The proportional ownership interest by the owner of oil and gas rights in income produced by the asset. See also overriding royalty interest. and our first distribution." Corporate Vision, Inc. is a multi-modal transportation and logistics holding company, operating throughout the Midwest, East, South, and Southwest. For additional information on its operating subsidiary, B-Right Trucking, please visit the World Wide Web at www.bright.com. A more comprehensive corporate web site has been appropriately delayed pending upcoming contemplated developments within the Company. To receive press releases and information on the Company via email or fax, please sign up at http://www.iccinfo.com/ICC Pages/IndexGet_Info.html, call 301 947-8010, or email webmail@iccinfo.com. 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. Statement under 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: The statements contained in this news release which are not historical facts may be "forward-looking statements" that involve risks and uncertainties which could cause actual results to differ materially from those currently anticipated. For example, statements that describe Corporate Vision's hopes, plans, objectives, goals, intentions, or expectations are forward-looking statements. The forward-looking statements made herein are only made as of the date of this news release. Numerous factors, many of which are beyond Corporate Vision's control, will affect actual results. Corporate Vision undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances. This news release should be read in conjunction with Corporate Vision's annual report on Form 10-KSB for the fiscal years ended December 31, 2000, 2001 and other filings with the U.S. Securities and Exchange Commission by Corporate Vision. |
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