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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Joe Copia who wrote (24516)	5/2/2002 9:46:16 AM
From: Joe Copia	Read Replies (2) \| Respond to of 25711

AXGI news!! more next week: -5 weeks she will be in the teens :) CD is gone! Auxer Lifts Burden, Reaches Settlement to Pay-off Convertible N Auxer Lifts Burden, Reaches Settlement to Pay-off Convertible Notes Business Editors WEST PATERSON, N.J.--(BUSINESS WIRE)--May 2, 2002--The Auxer Group, Inc. (OTCBB:AXGI - www.axgiinvestor.com) announced today that the Company has entered into an agreement with certain debenture holders to settle its convertible debentures. The debenture holders have the right to convert their debentures into registered securities per Form SB2 Registration, recently accepted and last amended December 6, 2001. Under the terms of the agreement, the debenture holders have agreed to accept a settlement payment from the Company of $1 Million and a lockup arrangement. Upon the completion of the settlement payments, the registration shall be retired. "This settlement agreement was a significant burden lifted from Auxer as part of our strategy of restructuring. The Company has reached an arrangement with financiers to retire the convertible debentures and fund new projects. I expect to issue more news on our strategy, projects and repayment status in the upcoming weeks. I believe this agreement is another positive step for our shareholders," said Eugene Chiaramonte, Chairman. ABOUT THE COMPANY The Auxer Group is a holding company that consists of two groups; a Telecommunications Group and an Automotive Group. The Telecommunications Group is focused on distribution of prepaid products, which includes The X-Factor(TM) and Platinum Series(TM). The Automotive Group is focused on aftermarket wholesale and distribution of automotive and marine products and parts, which includes Easy Test(R) and Garry's Royal Satin(TM). 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 further information please contact the Company at (800) 201-3972 and ask for investor relations or visit our website www.axgiinvestor.com. --30--SW/ph* CONTACT: The Auxer Group, Inc. Eugene Chiaramonte, 800/201-3972