NEW YORK, Dec. 8, 2003 (PRIMEZONE) -- Marketshare Recovery, Inc. (OTCBB:MSRY) said that it has entered into a definitive acquisition agreement with Dominix, Inc., a publicly reporting corporation (OTCBB:DMNX), to acquire all of the capital stock of its wholly-owned subsidiary, MarketShare Recovery, Inc., a New York corporation ("MarketShare"). The acquisition of MarketShare is expected to be completed in January 2004 following the end of the required regulatory filing period.
The acquisition of the capital stock of MarketShare is in exchange for the issuance of 17,833 shares of series B preferred stock convertible into ten (10%) percent of the currently outstanding shares of common stock of Dominix, Inc, on a fully diluted basis. Dominix today also announced the closing of the acquisition of Jade Entertainment Group, Inc. Jade provides an internet search engine for adult entertainment while MarketShare is an on-line advertising and marketing company. Since Jade's revenues are derived in part from advertising and marketing, the Company believes that it can utilize MarketShare's expertise in these areas to enhance the prospects for Jade's business. Jade's Chief Executive Officer Raymond Barton and its Chief Financial Officer Timothy Schmidt, hold similar titles at MarketShare and are the majority shareholders of both companies.
"I would like to assure investors that we have no intention of abandoning the Marketshare Recovery, Inc. parent company (OTCBB:MSRY) in any way," stated Raymond Barton, Marketshare Recovery's Chairman. Raymond Barton will temporarily remain on the board of directors as chairman to help guide Marketshare Recovery, Inc. into transition to new management and direction.
The Company is also pleased to announced that will also effect a name change to be announced after the closing of the asset purchase by Dominix, Inc. to distinguish it from the Marketshare subsidiary and better reflect the firms business, and will make an application to change its trading symbol.
Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995:
This press release contains forward-looking statements. Forward-looking statements are based on expectations, estimates and projections at the time the statements are made that involve a number of risks and uncertainties which could cause actual results or events to differ materially from those presently anticipated. Such forward looking statements include, but are not limited to, the successful completion of the acquisition of MarketShare by Dominix, including the compliance with all regulatory and other approvals, and the integration of Jade and MarketShare and their respective operations, the competitive environment and regulatory uncertainties in the various industries in which these companies operate, the ability to raise capital as needed as well as certain other risk factors which are and may be detailed from time to time in Dominix's and MarketShare's filings with the Securities and Exchange Commission.