AXGI news
Auxer's Subsidiary, Harvey Westbury Enters Joint Venture With Leading
Alternative Refrigerant Supplier
Business Editors
WEST PATERSON, N.J.--(BUSINESS WIRE)--Oct. 30, 2000--The Auxer
Group, Inc. (OTCBB: AXGI) announced today that its subsidiary, Harvey
Westbury has completed a Joint Venture agreement with United Suppliers
of America, Inc. to produce Easy Test(R) Autofrost(TM) Air
Conditioning Kits with Autofrost(TM), a leading alternative
refrigerant (to CFC-12).
Autofrost(TM) is a recognized brand name for alternative
refrigerants, EPA accepted, 94% less Ozone depleting than CFC-12, and
89% less global warming than CFC-12. Additionally, the refrigerant has
a faster cool down period which will produce 3 to 12 (degree) F colder
temperatures according to United Suppliers of America, Inc. Under the
terms of the agreement, Harvey Westbury will have exclusive
manufacturing and distribution rights, both domestically and
internationally, to any and all kits containing Autofrost(TM)
alternative refrigerant. Harvey Westbury believes it can become a
major supplier over the next couple of seasons for kits and
accessories for the Alternative and HFC-134a refrigerant markets which
the company believes is approximately $135 Million combined.
As the availability for domestic CFC-12 refrigerant continues to
diminish, the aftermarket automotive retail industry is seeking to
replace demand for CFC-12 with an Alternative refrigerant. As CFC-12
refrigerant supplies continue to diminish due to restrictions on
domestic manufacturing resulting from the Clean Air Act, demand for
alternatives to CFC-12 such as Autofrost(TM) is expected to continue
to grow. Additionally, the company expects that these kits will
attract other major retailers to Harvey Westbury's Do-It-Yourself Kits
for HFC-134a refrigerant under Easy Test(R) which gained new
distribution with major retailers such as Trak Auto and National
Wholesale Distribution last season.
ABOUT THE COMPANY
The Company is a holding company that owns an Automotive Group
with three (3) active subsidiaries: The Harvey Westbury Corporation
Inc., The Mechanics Depot and CT Industries, Inc. Harvey Westbury
assembles and packages automotive accessories under the name, Easy
Test(R), sells engine treatment under the name, Formula 2000
Ultimate(TM) and sells waxes and polishes under the name, Garry's
Royal Satin(TM) to the automotive, marine, and aviation industries.
The Mechanics Depot 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.
Additionally, Auxer has formed a Telecommunications Group and
established two (2) subsidiaries, Clifton Telecard, Inc., a wholesale
distributor of prepaid phone cards and Auxer Telecom, Inc. which
provides telecommunication services from telecommunications carriers
to the telecommunications industry.
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
and www.axgiinvestor.com
--30--jtp/ny*
CONTACT: Investor Relations
800/201-3972
KEYWORD: NEW JERSEY
INDUSTRY KEYWORD: AUTOMOTIVE TELECOMMUNICATIONS
MARKETING AGREEMENTS
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