Subj: Reliable Sources Update 11/19/99
Date: 11/22/99 4:27:08 AM Eastern Standard Time
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NELX (NLXI OTC: BB-$0.2050)-At a special meeting of the Board of Directors
of Nelx, Inc. On November 18, 1999, Mr. Chares Stout presented signed
letters of intent from Square Roots, Inc. of Arches Fork, West Virginia,
and Reliable Energy Producers, assets and operations into Nelx, Inc. The
Board of Directors unanimously agreed to authorized Bruce Bowler, and any
others deemed necessary, to proceed with the due diligence phase of the
negotiation. Xcel believes that the acquired companies have huge proven
gas reserves that will enhance the company's balance sheet and allow for
the use of the approximate 8 million dollar net operating loss (NOL).
Neither the information nor any opinion expressed constitutes an offer, or
an invitation to make an offer, to buy or sell any securities or any
options, futures or other derivatives, related to such securities ("related
investments"). Xcel Associates, Inc. (Xcel) and its affiliates may trade
for their own accounts in any securities of the issue(s) or in related
involvements. Xcel, its affiliates, directors, officers and employees, may
have a long or short position in any securities of this issue(s) or in
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This research report is prepared for general circulation and is circulated
for general information only. It does not have regard to the specific
investment objective, financial situation and the particular need of any
specific person who may receive this report. Investors should seek
financial advice regarding the appropriateness of investing in any
securities or investment strategies discussed or recommended in this report
and should understand that statements regarding future prospects may not be
realized. Investors should note that income from such securities, if any,
may fluctuate and that each security's price or value may rise or
fall. Accordingly, investors may receive back less than originally
invested. Past performance is not necessarily a guide to future
performance. Copyright 1999 Xcel Associates, Inc.
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