To: Sir Auric Goldfinger who wrote (5693 ) 11/13/1999 8:16:00 PM From: StockDung Respond to of 10354
The ZSUNE thread is so serious lately. Time for a little humor. They will probably exchange some ZSUN shares after they walk up BEVEX like they did LCAI. The BevMark 2000 must survive and you know with these CRIMs it will. Date: 11/03 06:01 EST BEVEX HOLDS ANNUAL SHAREHOLDER MEETING IN ZURICH... PROVIDES UPDATE REGARDING DEVELOPMENT OF THE 'BEVMARK 2000' BEVERAGE CENTER SOLANA BEACH, Calif., Nov 3, 1999 /PRNewswire via COMTEX/ -- At the October 7, 1999 annual shareholder meeting of BEVEX Inc. (OTC Bulletin Board: BVEX) 20,530,806 of 32,264,200 common shares of stock were represented in person or by proxy, constituting a quorum. Shareholders voted on the following actions and business matters. 1. The following Board of Directors, as currently appointed, was ratified by a majority shareholder vote: Hugues Monteil Chairman of the Board Allen Hardman Director Marc Bruhwiler Director Michael Montandon Director 2. The appointment of the accounting firm of Jones & Jensen (Salt Lake City, Utah) as auditor of record was ratified by a majority shareholder vote. 3. The Restated Articles of Incorporation were ratified by a majority shareholder vote. 4. The Restated and Amended Bylaws were ratified by a majority shareholder vote. 5. The Technology Development Agreement between BEVEX Inc. and BevTec GmbH in Rostock, Germany was ratified by a majority shareholder vote. A development update report on the new "BevMark 2000" beverage center was presented, and included brief presentations regarding filling technology, proportioning and mixing technology, process system controls and exterior design. The shareholders were advised that although BEVEX is confident the design team now in place is capable of developing a successful beverage center, there are still some issues that must be resolved to move forward to successful project completion, including: 1. BEVEX is still seeking technology development funding. 2. The assembly and testing of the core technology components are considerably behind schedule due to delays in delivery of certain key components, and the need to source other components at a more reasonable cost. Some of the components sourced thus far, while suitable for the intended function, are cost-prohibitive. 3. Presuming the prototype development is successful, considerable "value engineering" will still be required to ensure the beverage center is commercially feasible. 4. BEVEX currently has no working capital, and project progress is totally dependent on a major infusion of funding in the very near future. In order to preserve the limited capital available, it has been used only for technology development and associated expenses. There are no paid employees of BEVEX at this time. 5. The delays in technology development and funding are causing considerable slippage in the original schedule, to have a beta prototype beverage center in the marketplace by summer of 2000. The shareholders were advised that, although management is functioning with very limited resources, every reasonable effort is being made to resolve the aforementioned issues. The shareholders were also advised BEVEX is in the process of preparing its Form 10-SB for submission to the Securities and Exchange Commission (SEC). However, certain required information from prior years, which predates current management, is proving difficult to locate and/or assemble. As a result, the 10-SB will have to be prepared by reconstructing the information required by the SEC from the limited information available for those prior years. This has delayed the filing of the 10-SB. The unexpected delay in filing the 10-SB, will, in all likelihood, result in the stock being "pink sheeted," and possibly de-listed, which would curtail trading on the open market. The service and process agent for BEVEX has cautioned that the company's filing of a Form 10-SB, in the absence of the company's ability to demonstrate that it has the financial capability to proceed in a businesslike manner, could result in refusal of the submission by the SEC. Shareholders will be apprised periodically concerning future developments. NOTE: Any statements released by BEVEX Inc. that are not purely historical are forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Editors and investors are cautioned that forward-looking statements invoke risk and uncertainties, including economic, competitive, governmental, technological and other factors, that may affect the company's business prospects and performance and cause them to differ from these forward-looking statements. SOURCE BEVEX Inc. (C) 1999 PR Newswire. All rights reserved. prnewswire.com -0- CONTACT: Allen D. Hardman of BEVEX Inc., 858-509-3279; or Madeleine Franco of Jordan Richard Assoc., 801-268-8610, for of BEVEX Inc. WEB PAGE: jordanrichard.com GEOGRAPHY: California Utah Germany Switzerland INDUSTRY CODE: FOD SUBJECT CODE: PER SRP