Read it and weep-----
NEW YORK--(BUSINESS WIRE)--Sept. 16, 1998--James T. Howard Wednesday announced that the terms of a merger agreement
between Caviar Plus Ltd. and JAX International Inc. (OTC BB:JAXI - news) have been established in principle.
James T. Howard, CEO and chairman of the board, Joseph Francella, president and director, and Verna Howard, secretary and
director, tendered their resignations Sept. 9, 1998, based on consummation of the terms of the merger agreement to be finalized no
later than 1/31/99.
The plan of merger calls for an exchange of shares of Jax's current outstanding shares of stock, of no more than one share of the
new Jax for every ten existing shares of Jax common stock, currently 14,659,807. Also, existing Caviar Plus Ltd. shareholders will
receive no more than two shares of new Jax common stock for every one existing share of Caviar Plus Ltd., currently 5,550,000,
totaling approximately 11,000,000 shares.
Once formal agreements are executed, Jax and Caviar plan to file a registration statement with the Securities and Exchange
Commission. In addition, the agreement will effect a change of name.
Caviar Plus Ltd. is a New York City based direct importer of fine Russian caviar and related specialty food items. Currently, Caviar
operates strictly as a wholesaler of these specialty food products to retailers (such as specialty food stores, hotels and restaurants),
distributors and other end-users. The new JAX International Inc. corporate offices are located at 350 Park Avenue, New York, NY
11101.
Except for the historical information contained herein, this press release contains forward looking statements that involve a number of
risks and uncertainties. Actual results could differ materially from those indicated by such forward looking statements due to a
number of factors including, but not limited to, the level of consumer spending, the strength of the retail market, interest rates and the
availability of financing.
Investor Relations available Friday Sept. 18, 1998, only, from 12:00 pm - 4:00 pm 877/603-4381.
Contact:
JAX International Inc.
Investor Relations, 877/603-4381
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