TEMECULA, Calif., Nov. 11, 2004 (PRIMEZONE) -- CLX Investment Company, Inc. (OTCBB:CLXN) today announced that it has received a $5 million equity financing commitment arranged through Compass Capital Group, a New York-based private investment firm. The financing is designed to allow the Company to implement a number of strategic corporate initiatives, primarily the identification and acquisition of revenue-generating companies to build value in the CLX Investment portfolio.
"CLX Investment Company has identified a number of potential acquisitions and plans to make its first investment in the near future. This financing commitment is expected to allow the Company to build a solid, performing investment portfolio that will consist of companies that have sustainable cash flow, significant operating history, management experience and commitment, and are well positioned for future growth," commented Shane H. Traveller, Chief Executive Officer of the Company.
"By building such a portfolio, we expect that CLX Investments will assemble an investment fund of significant value and that shareholders will benefit from the appreciation of the Company's stock as well as from the potential spin-out of portfolio companies into their own public vehicles. If this were to occur, CLX investors would receive bonus dividends in the form of shares in new public portfolio companies," added Mr. Traveller.
About the Company
CLX Investment Company elected to be regulated as a Business Development Company pursuant to Section 54 of the Investment Company Act of 1940 on September 13, 2004, and is pursuing a business plan wherein the Company will seek to acquire and invest in developing companies.
All statements included in this release, including statements regarding potential future plans and objectives of CLX Energy are forward-looking statements. Such statements are necessarily subject to risks and uncertainties, some of which are significant in scope and nature beyond CLX Energy's control. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Actual results may differ materially depending on many factors. CLX Energy cautions that historical results are not necessarily indicative of the future performance.