NLXI - NELX, INC. Reports Updated Acquisition Plans
LAKEWOOD, Colo., March 13 /PRNewswire/ -- At a meeting held March 9, 2000,
the Board of Directors of NELX, INC. (OTC Bulletin Board: NLXI) as a result of
the due diligence on the proposed acquisition of Reliable Energy Producers,
Inc. and Square Roots, Incorporated unanimously voted as follows:
First, the acquisition of Reliable Energy Producers, Inc. was voted
against. The board was unable to justify the value placed on the coal bed
methane lease or to obtain a direct relationship with the coal company that
was necessary to develop the joint project with Square Roots, Incorporated.
Second, the acquisition of Square Roots, Incorporated was unanimously
approved. Under the terms of the agreement, NELX, INC. will exchange one
million shares of the NELX, INC. stock for all the issued shares of Square
Roots, Incorporated. There is to be no other remuneration for the
acquisition. This acquisition is subject only to final review of all
environmental issues and permits by the NELX, INC. board.
Additionally, Charles L. Stout, president of NELX, INC., and Applied
Mechanics Corporation, a West Virginia corporation announced that for the sum
of one dollar, ($1.00), Applied Mechanics Corporation through a corporate
resolution will assign to NELX, INC. all its right, title, and interest in
each of the Roane County, West Virginia oil and gas properties it owns to
facilitate the proposed development plans of Square Roots, Incorporated. This
transfer is subject to West Virginia Department of Environmental Protection
approval and will be accomplished as each property transfer is approved by
same regulatory body and also by the NELX, INC. board.
Finally, there are no other acquisitions in discussion by the NELX, INC.
board.
A separate 8-k report will be filed regarding this announcement.
NOTE: PR Newswire and the SEC web site are the only sources of information
authorized and utilized by NELX, INC.
SOURCE NELX, INC.
-0- 03/13/2000
/CONTACT: Charles L. Stout, President of NELX, INC., 304-622-9599,
Fax: 304-623-9355/
(NLXI)
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