ObjectSoft Corp. Completes Merger, Changes Name to Nanergy Corp.; Changes Symbol to NNGY and Consolidates Shares - 6/17/2005 9:07:15 AM
NEW YORK, June 17, 2005 /PRNewswire-FirstCall via COMTEX/ -- Nanergy Inc. ("Nanergy"), formerly ObjectSoft Corp. (OTC Other: NNGY, formerly OSFT) today announced that it has received the necessary approvals and has changed its name to Nanergy Inc. to reflect the company's new focus on nanotechnology. In addition, Nanergy has completed its previously announced acquisition of Nanmergeco, Inc., a New Jersey Corporation owning the nanotechnology assets previously held by RES, Inc. (formerly Terra Solar Development Corp.) and also of Accusealed of Hungary.
Concurrently, the Board of Directors and a majority of the shareholders approved a consolidation of the shares on a one-for-one hundred basis. Fractional shares will be rounded up to the nearest whole share. Although there is no need to do so, shareholders who wish to may exchange their old certificates for new certificates through the transfer agent, American Stock Transfer & Trust Company.
In connection with these corporate actions, the NASDAQ has changed the ticker symbol to NNGY effective today.
Prior to the share consolidation and closing of the merger, there were 292,163,720 shares outstanding. Post consolidation, there are approximately 2,921,700 shares in the public float, and 5,656,616 unregistered shares were issuable in connection with the merger for a total of 8,578,316 shares. Additional shares may be issuable to former Namergeco shareholders, depending on the attainment of certain milestones or upon the possible exercise of certain anti-dilution rights by former Nanmergeco shareholders, prior to Nanergy becoming a fully reporting company. Should all options and be exercised and all additional contingent shares are earned, the total outstanding shares on a fully diluted basis could aggregate approximately 48 million.
"This is an exciting event for Nanergy shareholders," said Moshe Gluzman, Nanergy CEO. "We welcome Dr. Zoltan Kiss and the talented scientists and engineers who have just joined us. We are working diligently to get our first products (which have been previously announced and can be previewed on our website) into manufacture and expect our first sales before year-end. Nanergy is also working to become fully reporting," said Mr. Gluzman.
About Nanergy Inc.
Nanergy Inc. is a publicly traded nanotechnology company headquartered in New York City, with offices in Princeton, NJ and in Hungary. Its focus is on developing exciting consumer products that harness nanotechnology, and especially photovoltaic nanofilms, while conducting ongoing research in storing hydrogen using carbon nanotubes. Its new corporate website is still being developed but is available for viewing at nanergyinc.com .
SOURCE ObjectSoft Corporation
Investor Contact: Cynthia DeMonte of DeMonte Associates for ObjectSoft Corporation,
+1-212-605-0525, cdemonte@aol.com
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