MIAMI, March 28, 2002 (PRIMEZONE) -- Today, E-Rex, Inc. (OTCBB:EREX) restated its 10-QSB Quarterly Statement for the quarter ended September 2000 and the 10-KSB Annual Statement for the period ended December 2000. The Company intends to also restate March, June and September 2001 quarterly statements over the next few days. These filings are being restated to clarify and provide additional information as required by the Securities and Exchange Commission in comments to the SB-2 filings which have been made by the Company. References throughout the financial statements are accurate as of the date originally filed. The Company has not undertaken to update all of the information in the reports, but instead has updated only those areas requested by the Commission.
For complete details on these filings please visit www.sec.gov.
"During the course of reviewing comments from the SEC to our earlier SB-2 registration statements we elected to restate certain quarterly and annual reports. The SEC has asked that E-Rex present it's financial information as a development stage enterprise as well as requesting further information regarding the Swartz funding agreement and related charges, policies regarding revenue recognition and the policies, treatment and charges related to investments the company holds," stated Carl Dilley, E-Rex President and CEO. "These revisions now clear the path for the Company to file a new SB-2 registration statement in the near future, with the goal of obtaining access to long-term funding through the agreement with Swartz Private Equity LLC, upon SEC approval."
About E-Rex, Inc.
Headquartered in Miami, E-Rex, Inc. (OTCBB:EREX) is a publicly traded 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.
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.