MELVILLE, N.Y., April 1, 2004 (PRIMEZONE) -- Dominix, Inc. (OTCBB:DMNX) today announced that it has agreed to terminate its planned acquisition of MarketShare Recovery, Inc. (NY), the privately held operating subsidiary of MarketShare Recovery, Inc. (OTCBB:MSRY).
MarketShare has licensed its marketing database and software to Jade Entertainment Group, Inc., Dominix's wholly owned subsidiary, for Jade's use in its adult-oriented Internet and video business. Jade and MarketShare also agreed to share certain office expenses, retroactive to January 1, 2004, currently incurred by MarketShare and agreed that MarketShare will seek new facilities apart from Dominix and Jade 60 days after an information statement relating to Dominix' proposed reverse stock split, authorization of additional common shares and name change is mailed to Dominix stockholders. Dominix forgave $45,567 of advances to MarketShare as a license fee.
Dominix agreed to the mutual termination, in part to simplify the completion of Dominix's recapitalization. Matters relating to sharing occupancy expenses, licensing the database and planning to separate the two organization's operations represent efforts to better manage conflicts of interest arising from common management of Dominix and MarketShare.
As a result of the termination, Dominix will not issue 17,833 shares of its Series B Preferred Stock to MarketShare or the shares of new common stock underlying the series, following its planned reverse split.