WEST PATERSON, N.J.--(BUSINESS WIRE)--July 13, 2000--The Auxer
Group, Inc. (OTC BB: AXGI) announced today that Board of Directors has
approved the formation of an entity intended to focus on
Telecommunication and related services. Auxer has entered discussions
with several parties and consultants to assemble a conglomerate of
Telecommunications Services which when completed will be a wholly or
majority owned subsidiary of The Auxer Group. The company expects to
announce Letters of Intent as early as next week.
"Today's announcement is related to Auxer's third strategic
objective I recently unveiled on June 20th. The company has been in
discussions with the related parties for sometime. I chose to wait
until now to release these developments in order for me to be
satisfied that these series of investments could be successfully
completed. When assembled the group is projecting $60 Million in
revenues with earnings of $3 to $6 Million. My timeline and goal is to
have Auxer's Telecommunication's Group operational within the next
three months," said Eugene Chiaramonte, President of Auxer.
ABOUT THE COMPANY
The Company is a holding company which is forming a
Telecommunications Group and currently owns an Automotive Group with
three (3) active subsidiaries: The Harvey Westbury Corporation Inc.,
Hardyston Distributors, Inc. and CT Industries, Inc. Harvey Westbury
assembles and packages automotive accessories under the name, Easy
Testa, sells engine treatment under the name, Formula 2000 Ultimatea
and sells waxes and polishes under the name, Garry's Royal Satina to
the automotive, marine, and aviation industries. Hardyston
Distributors, Inc. is a specialty distributor of automotive parts and
accessories to local mechanics, service stations and dealers. CT
Industries, Inc. has been designated to house any future
internet-related business and currently handles the internet-related
sales from the company's websites as well as other retail programs.
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
--30--mjr/ny*
CONTACT: Investor Relations, 800-201-3972
KEYWORD: NEW JERSEY
INDUSTRY KEYWORD: AUTOMOTIVE RETAIL TELECOMMUNICATIONS
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