July 22, 1999 11:00
Auxer Group Approves Formation of New Entity for
Purpose of Acquiring Internet Based Business
WAYNE, NJ--(BUSINESS WIRE)--July 22, 1999--The Auxer Group, Inc. (OTC
BB: AXGI) announced today that the Board of Directors has approved the
formation of a new entity with a focus on internet related acquisitions and
development. The company intends to enter into discussions with several
groups for the purpose of acquisition and/or purchase.
"With recent successful launching of Auxer's internet sites, we are being
approached by so many groups with exciting businesses involved with the
Internet that we felt it was time to make a more significant investment in this
marketplace. We believe several of the acquisitions and concepts that have
been presented to us are in line with our fundamental investment strategy and
represent strong potential for Auxer's investor's. While the company remains
committed to its core business in automotive related products, I believe this is
another strong opportunity that should not be overlooked," said Mr. Eugene
Chiaramonte, Chairman of The Auxer Group.
ABOUT THE COMPANY
The Auxer Group, Inc. (OTC-BB "AXGI") is an investment holding company
that is comprised of three wholly-owned subsidiaries: Harvey Westbury
Corporation, CT Industries and Hardyston Distributors. Auxer Group is a
manufacturer, wholesaler and distributor of automotive, marine and aviation
after-market and hardware products. These products are currently sold to
major retail chains around the country including, PEP BOYS, MANNY, MO
and JACK, CARQUEST, PARTS AMERICA (WESTERN AUTO), WAL MART,
KMART, WEST MARINE just to name a few. The Auxer Groups' most well
known products include Easy Test Testers and Air Conditioning Accessories,
GARRY'S ROYAL SATIN WAX AND POLISHES (a 70 year old superior car
and marine wax line), FORMULA 2000 ULTIMATE (A high performance engine
treatment).
Forward-looking statements in this release are made pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
Investors are cautioned that such forward-looking statements involve risks and
uncertainties, including, without limitation, continued acceptance of the
company's products, competition, new products and technological changes,
intellectual property rights and other risks.
For more information please visit our websites at www.auxer.com
CONTACT: The Auxer Group, Wayne
Patrick M. Rost, 760/942-0015
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