Xenolix Technologies Inc. Announces Corporate Changes
SUMMIT, N.J.--(BUSINESS WIRE)--July 6, 2000--Xenolix Technologies Inc. (OTC: XTCI), a development-stage nanotechnology company, has announced several corporate changes.
Recently, the company's board of directors has undergone several changes. In addition, there have been changes in various company offices. Specifically, C. Richard Childress joined the board and became executive vice president in early May 2000.
At the same time, James Rapisarda retired as a board member and Stephen Plumb, Mike Amundson and Jeanne Amundson all retired from their respective positions as officers and directors of the company.
These management changes have been accompanied by certain changes in the company's capitalization. Specifically, the company previously had issued outstanding common shares in the amount of 31,973,702. The company also had outstanding options and warrants of 6,210,000, resulting in fully diluted shares outstanding of 38,183,702.
The company recently retired 5.4 million outstanding stock options excercisable at $0.25 per share that were to expire January 15, 2004. In addition, 724,200 common shares were also cancelled and retired. The total of all stock options and shares retired is 6,124,200, or approximately 19.2 percent of the above outstanding common shares.
Subsequently, the company issued 2 million warrants (200,000 to each director and 300,000 to each officer) with an exercise price of $0.375 or a 20 percent premium to the current market price, with an expiration of four years, and a total of 266,000 common shares to its current officers and directors as compensation and renumeration for certain specific services rendered in lieu of cash compensation.
The total new issuances of stock options and shares is 2,266,000 or 7 percent of the above outstanding common shares. Three of the four officers and directors are presently receiving no cash renumeration from the company.
In addition, the company issued an option with vesting requirements to a former officer and director for 290,000 shares with an exercise price of $0.3125, the company's then current share price, with an expiration of four years.
The company also issued another option to a former director with vesting requirements for 290,000 shares with an exercise price of $0.375, the company's then current share price, with an expiration of four years.
As a result of these corporate changes and actions, the outstanding common shares of the company is 31,515,502 reflecting the above retirements and issuances, which represents a net reduction of 458,200 shares outstanding.
The outstanding options and warrants of the company total 3,390,000 reflecting the above changes (and includes options to previous officers and directors and the warrants issued to the financial institution involved in the company's recent private placement), which represents a net reduction of 2,820,000 options and warrants.
The adjusted fully diluted outstanding shares is thus 34,905,502 versus 38,183,702 fully diluted shares which were previously outstanding.
The company has been undergoing an extensive internal review of its accounting, corporate governance and record keeping activities by Childress. The objective of this action is to position the company to be able to obtain a certified audit which qualifies for submission with an initial public filing with the SEC on Form 10SB.
The company will reschedule its annual meeting of shareholders once this process is complete.
Xenolix Technologies Inc.
The company is a Nevada corporation headquartered in Summit, which is inventing, researching and developing new precious metals technologies based upon the application of nanotechnological science it is pioneering. It is creating gold, silver and platinum element analytic and extraction technology based upon this science.
The technology is designed to transform refractory (difficult to detect and extract) precious metal-bearing ores into forms of treated ore that respond well to standard analytic and extraction techniques. The company is attempting to commercialize its nanotechnological intellectual property pertaining to refractory ore.
All inquiries can be made through the offices of Xenolix Technologies Inc. at 34 Maple St., Summit, NJ 07901 or by calling Shareholder Services at 908/277-3632 or FAX at 908/277-2461. Xenolix Technologies information can be found on its website at xenolix.com.
CONTACT:
Xenolix Technologies Inc., Summit
Shareholder Services, 908/277-3632
Fax: 908/277-2461
www.xenolix.com |
