MIAMI, May 31, 2002 (PRIMEZONE) -- Today E-Rex, Inc (OTCBB:EREX) announced that Joseph Pacheco has been appointed Chief Operating Officer effective immediately. In addition, the Company has also appointed Michael Balduzzi Executive Director of Business Development and Strategic Partnering.
Mr. Pacheco originally joined the E-Rex Board of Directors in October of 2001 bringing more than 20 years of business management experience to the Company. He has served as CFO for several large corporations and through his accounting practice, known as Financial Management Services, has provided accounting and tax advice to many companies including entities controlled by GE Capital. Mr. Pacheco has also served as CFO for a broker dealer and has been involved at many levels of the equities and public market arena.
"I am very pleased to announce the appointment of Joe Pacheco to the COO position," stated Carl Dilley, E-Rex President and CEO. "Mr. Pacheco has been instrumental in furthering the Company's efforts to develop and deploy our primary product, and his appointment reflects the Board's confidence in his ability to assume greater responsibility in strategically executing our future growth plans."
Prior to accepting the role of Executive Director, Mr. Balduzzi served on the E-Rex Advisory Board. He brings a blend of 20 years of sales and marketing experience in wire-line and wireless telecommunications, optical networking, and interactive television (ITV). His expertise includes executive level selling, business development and strategic partnering. Recently, Mr. Balduzzi served as Senior Vice President of Sales for Canal+ Technologies. In this capacity he directed the market launch of ITV middleware to Cable and Satellite TV providers. Before entering the ITV industry, Mr. Balduzzi served in executive sales and marketing positions to launch early stage companies in the telecom and wireless sectors.
"Mike Balduzzi's extensive experience in the mobile and wireless industry will be crucial in his new role of positioning Dragonfly for market partnering and channel access opportunities," stated Joe Pacheco, E-Rex Chief Operating Officer.
Company Provides Update on Civil Litigation
In the last hearing held on May 15, 2002 in the matter of Carol J. Gamble Trust, et al vs. E-Rex. The Court invited E-Rex to submit a motion to dismiss the case. This motion, along with other motions, will be addressed at the next hearing presently scheduled for July 8, 2002.
Today E-Rex, Inc. filed a Federal Civil Action in US District Court in California against Chris Ford, Terry Shores, June Blackwell, The Carol J. Gamble Trust, Steve Rigg, Michael J. Capelouto, Randy Lamberto, Ressonyia Andersen, David Simmermacher, Suavek Kownacki, and the Sage Group Strategies alleging securities violations, attempted illegal takeover, stock manipulation, defamation, and violation of Federal Rico Statues. The complaint seeks substantial damages estimated to be in excess of $100 million dollars. The Company is also seeking treble damages and injunctive relief against this minority shareholder group.
The Company is pursuing these legal avenues to protect the Company, its shareholders, and its assets.
About E-Rex, Inc.
Headquartered in Miami, E-Rex, Inc. is a technology company dedicated to designing and the future production of stand alone user-friendly portable devices and direct Internet access products targeted at mobile enterprise users.
Further details on the Company can be found online at http://www.e-rex.net.
This press release may contain forward-looking information within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities and Exchange Act of 1934 and is subject to the safe harbor created by these sections. E-Rex, Inc. assumes no obligation to update the information contained in this press release. Certain information included herein may contain statements that are forward-looking, such as statements relating to plans for future expansion and other business development activities as well as operating costs, capital spending, financial sources, and the effects of competition. Such forward-looking information is subject to changes and variations which are not reasonably predictable and which could significantly affect future results. Accordingly, such results may differ from those expressed in any forward-looking statements made by or on behalf of the Company.