MIAMI, July 29, 2002 (PRIMEZONE) -- Today E-Rex, Inc. (OTCBB:EREX) announced that the civil lawsuit filed by a minority shareholder group in United States District Court, District of Nevada, has been dismissed with prejudice. Federal Judge James C. Mahan commented that the plaintiff's complaint did not meet the standards applied in the Federal Courts for these types of cases.
"We are obviously pleased with the result because it puts to rest all of the frivolous claims made against E-Rex and its management," commented Ruben F. Sanchez, Attorney for E-Rex. "The plaintiffs were unable to provide any facts or evidence to substantiate their lawsuit."
In responding to the group's civil action and at E-Rex's formal request, Judge James C. Mahan appointed a special master to audit E-Rex's financial records at the plaintiff's expense. The judge never granted the plaintiff's request to appoint a receiver to temporarily run the Company nor did he grant the group's request of class action status.
E-Rex still intends to pursue legal action already filed in U.S. 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 for alleged securities violations, attempted illegal takeover, stock manipulation, defamation, extortion and violation of Federal Rico Statues.
"With this distraction behind us, E-Rex can now focus its energies exclusively on executing the strategic partnerships that will provide us the market striking power to make Dragonfly a tremendous success," stated Carl Dilley, E-Rex President.
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.