(COMTEX) B: Auxer's Chairman Outlines 2001 Strategy; Overall Goal is
B: Auxer's Chairman Outlines 2001 Strategy; Overall Goal is to List Auxer On
the Nasdaq
WEST PATERSON, NJ, Nov 28, 2000 (BUSINESS WIRE) -- The Auxer Group, Inc.
(OTCBB:AXGI) announced the company's twelve month strategy for Auxer. Mr.
Chiaramonte, Chairman of Auxer, unveils his plan for the Telecom Group and Auxer
over the next twelve months which focuses on listing AXGI on the NASDAQ.
Additionally, Mr. Chiaramonte's vision includes achieving a revenue pace of $180
Million and assets under management in excess of $20 Million in the coming year.
"In June, I established three objectives which I believe Auxer has successfully
achieved. The company has grown two operating groups, Telecom and Automotive.
Both groups have achieved their initial milestones. The Automotive Group
achieved solid revenue growth with the success of its air conditioning line,
development of its new utility lights line and its addition of a second
warehouse location in northern New Jersey.
"In addition, I challenged management to establish a Telecom Group this year.
Today, I'm proud to say that this milestone has been achieved. Since the
acquisition of Clifton Telecard, this subsidiary has distributed and sold over
$5.5 Million in prepaid phone cards to date. Clifton remains on track with our
initial projections for the 4th quarter of 2000. Our switch operation, Auxer
Telecom has completed the installation and testing of its operations in Los
Angeles and the management team of Auxer Telecom reports that it is ready to
open its switches and be a provider and reseller of telecommunication services.
Our transition of Clifton's traffic, approximately $2.5 to $3 Million per month
is in the process of being transferred to Auxer's switches at this time. I
expect Mr. Shaver, Executive Vice President of Auxer, to make further
announcements in the coming weeks as to these details.
"Today, I would like to communicate to our investors the company's new
objectives. First, the company plans to complete the transition of Clifton's
traffic to Auxer Telecom over the next 60 days. Second, Auxer expects to enter
into formal negotiations with at least one, and possibly two more acquisition
candidates in the telecommunications industry which we I intend to complete in
the first and second quarters of 2001. Third, Auxer plans to invest in several
beta test programs being developed by Auxer Telecom in the areas connected to
broadband, virtual private networks, and ATM/prepaid phone card combinations.
And lastly, I believe the company will be properly developed and in position to
apply for listing on the NASDAQ during the next fiscal year which is my final
objective for the next coming year. My vision for Auxer in the coming year is to
have the company on a sales pace of $180 Million per annum and assets under
management in excess of $20 Million by this time next year," said Mr.
Chiaramonte, President of Auxer.
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