TEMECULA, Calif., Jan. 18, 2005 (PRIMEZONE) -- CLX Investment Company, Inc. (OTCBB:CLXN) today announced that the Company filed its Form 10-K Annual Report with the Securities and Exchange Commission on January 14, 2005.
The 10-K filing covers the Company's fiscal year ended September 30, 2004 and primarily reflects a period when the Company operated under the name CLX Energy and its core business was oil and gas exploration, development and production in the continental United States.
The Annual Report chronicles the appointment of new management, the formation of CLX Oil & Gas, LLC, a wholly owned subsidiary of CLX Energy, Inc. and the transfer of all oil and gas operations, including the assets and liabilities pertaining to such operations, into CLX Oil & Gas, LLC. In September 2004 the Company sold 100% of its interest in CLX Oil & Gas, LLC and, as a result, all gas and oil operations are reported in the 10-K filing as discontinued operations.
In September 2004 the Company changed its name to CLX Investment Company, Inc. to reflect its election to be regulated as a Business Development Company under the Investment Company Act of 1940.
Since the end of the reporting period of this 10-K, the Company acquired 40% of eStrategy Solutions, Inc. a four-year-old e-learning and cost recovery solutions company, in exchange for $60,000 and an agreement to provide an operating line of credit. This acquisition is expected to be the first in a step in the Company's plan to make strategic investments in cash-flow positive companies well positioned for growth.
Shane H. Traveller, Chief Executive Officer of the Company, stated, "Given our recent change in operating strategy, this annual report is primarily historical in nature. Our upcoming quarterly and annual reports will more accurately reflect the current structure of CLX Investments as a Business Development Company. We believe with the investment in eStrategy Solutions, we have a solid platform on which to build a diversified investment fund that will return value to our shareholders. eStrategy Solutions has demonstrated both viability and growth potential in its core business, designing and marketing online training that both slashes budget problems and generates revenue for its customers, primarily state and local governments by using a new approach to customers. There are abundant opportunities for eStrategy Solutions, which is currently profitable and anticipates generating net income of nearly $3 million in 2005, to expand its customer base and grow revenues."
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. CLX acquired a 40% interest in eStrategy Solutions (http://www.estrategysolutions.com) on December 7, 2004.
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All statements included in this release, including statements regarding potential future plans and objectives of CLX Investments are forward-looking statements. Such statements are necessarily subject to risks and uncertainties, some of which are significant in scope and nature beyond CLX Investments' control. There can be no assurance that such statements will prove accurate. Actual results and future events could differ materially from those anticipated in such statements depending on many factors. Historical results are not necessarily indicative of future performance.