TORONTO, Feb. 15, 2005 (PRIMEZONE) -- TORONTO Ekwan-X, Inc. (Pink Sheets:EKWX) would like to update shareholders of the recent market activities and rumors.
Pink Sheets LLC (www.pinksheets.com) has implemented a new policy for issuers of traded securities regarding the disclosure of adequate current information to the investing public. Effective February 15, issuers of securities quoted on an unsolicited basis must disclose this information. If an issuer is quoted on an unsolicited basis, this means that the NASD has not cleared a market maker to enter a quote in the security pursuant to SEC Rule 15c2-11, then Pink Sheets will no longer display an unsolicited customer order. Piggyback qualified issuers, such as Ekwan-X, are exempt from the new regulations at Pink Sheets.
"Ekwan-X is piggybacked qualified and will continue to trade. The goal of Ekwan-X is to keep our good standing with Pink Sheets, improve and enhance it where it can," said Ed Godin, Ekwan-X's President. "Trading has been at an all-time high, due to the public's awareness of this company's technology capabilities. During these months your management team has been interviewing various consulting firms who will assist in evaluating and confirming the profitability and viability of financing opportunities presented to the Company."
"As previously stated on February 11, we are committed, with the assistance of Fleming Capital, to complete the $2,000,000 financing. Ekwan-X will not consider any financing that is toxic or detrimental to shareholder value. The proceeds will be used to fully develop the exploration program in Nevada," said Ed Godin. "Ekwan-X's mandate is to provide timely updates to its shareholders. Due diligence is ongoing with various interested parties for financing."
About Ekwan-X, Inc.
Ekwan-X is a mineral exploration company using hyperspectral imaging technology and will concentrate its resources to fully exploit the highly mineralized areas in Nevada, New Mexico, and Arizona. This technology allows for mineral mapping of the earth's surface at very rapid rates and substantial lower cost. A mineral map 2,000 feet wide and 100 miles long can be created in one hour compared to three years of conventional geochemical mapping. The use of such technology will provide Ekwan-X with a high probability of finding a mine.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements, other than the statements of historical facts may be deemed to contain forward-looking statements with respect to events, the occurrence of which involves risk and uncertainties, including, without limitation, demand and competition for the company's products and services, the availability to the company of adequate financing to support its anticipated activities, the ability of the company to generate cash flow from operations and the ability of the company to manage its operations.