BOULDER, Colo., Nov. 8, 2002 (PRIMEZONE) -- Arete Industries, Inc. (OTCBB:ARET) announced today that the Company has been retained by Celexx Corporation, of Coral Springs, Fla., an OTCBB-traded company, to assist it in designing and executing a restructuring and turn-around plan for this publicly held holding company, and to help design, finance and execute a roll-up and spin-out strategy for Celexx's wholly owned subsidiary, Pinneast.com, Inc.
Thomas Raabe, Arete CEO, stated that, "This agreement is the first of possibly further ventures with Celexx and/or its subsidiary, to exploit certain synergies and resources among the two companies. This is also the first of many possible business development and investment banking projects to be launched since completion of our own recapitalization and restructuring in July of this year. We are indeed very fortunate to launch our business development plan with a Client like Celexx that has a talented and experienced team of managers and professionals, and which has developed exciting opportunities in the field of computer and on-line based learning and training systems. The project provides an excellent opportunity for Arete to generate fee-based compensation and equity participation in the businesses that are ultimately developed through the referenced agreement, as well as the opportunity to build a track record of success to attract new projects to the Company and to develop a sustainable revenue stream."
David Langle, CEO/CFO of Celexx, believes that the relationship with Arete and its affiliates is the key to resolving certain financial issues at the holding company level and will provide the financial and professional resources necessary to develop and exploit key opportunities to maximize its shareholder value.
Statement as to Forward-Looking Statements: Certain statements contained herein, which are not historical, are forward-looking statements that are subject to risks and uncertainties not known or disclosed herein that could cause actual results to differ materially from those expressed herein. In particular, there are no assurances that the projects will be successful, and therefore no assurance that the Company will generate revenue or equity with any future value, nor are there assurances that the Company will be successful in generation of new business development and investment banking relationships.