 |
 |
 |
 |
 |
 |
 |
 |
Press ReleasenewAX, inc Announces Offer to Purchase Its Outstanding StockCHICAGO, Sept. 20, 2005 -- newAX, inc (Pink Sheets: ASXI), formerly named Astrex, Inc., today announced that it will shortly be mailing to its shareholders its offer to purchase ("Offer") from its stockholders up to all of its issued and outstanding shares of capital stock, which consists of 6,217,917 shares of Common Stock and 1,594,211 shares of Series B Preferred Stock. The Offer is voluntary on the part of shareholders and is not conditioned on a minimum number of shares being tendered. The Offer will expire at 5 p.m., New York City time on October 21, 2005, unless extended and except as otherwise provided in the Offer To Purchase.In the Offer, stockholders will have the opportunity to sell to newAX, inc as many shares as wished either for $.55 cash or, if they qualify, a $.70 twenty year, subordinated note, interest payable at the option of the Company in cash or "in kind". To qualify for the promissory note alternative, a stockholder will be required to tender a minimum of 50,000 shares, otherwise, the stockholder will be limited to tendering for the $.55 per share cash alternative. The officers and directors of newAX presently contemplate tendering approximately 2.1 million shares. Following those contemplated tenders those officers and directors will continue to hold a majority of outstanding shareholder votes. The Offer will be subject to a number of other terms and conditions (including but not limited to newAX's right to amend, terminate or extend the Offer), and either participating in the Offer or continuing to hold newAX stock will involve a variety of risks, as specified in the Offer To Purchase. MacKenzie Partners, Inc. will serve as the Offer's Information Agent and American Stock Transfer and Trust Company will serve as the depositary. Following mailing to Shareholders, copies of the Offer to Purchase and ancillary documents may be obtained from MacKenzie Partners, Inc at 212-929-5500 or 800-322-2885. This press release is for informational purposes only and is neither an offer to purchase nor an offer to sell shares of newAX capital stock. The solicitation and the offers to buy capital stock of newAX will only be made pursuant to the Offer To Purchase and related materials. Stockholders should carefully read the Offer To Purchase, the related letter of transmittal and other materials before making any decision with respect to the Offer because they contain important information, including the various terms and conditions of the offer. The Offer To Purchase, the related letter of transmittal and other related documents are expected to be mailed shortly to all holders of Common or Preferred Stock, at no expense to them. About newAX newAX, formerly known as Astrex, Inc., sold its operating business and substantially all of its assets for cash and other assets to RAD Electronics, Inc., a privately held Delaware corporation on June 30, 2005. Following completion of the Offer, newAX plans to undertake a search to acquire a new, as of now undetermined, operating business. Forward-Looking Statements This announcement contains forward looking statements that involve risks and uncertainties, including statements with regard to the Offer. Because such statements inherently involve risks and uncertainties, actual future results may differ materially from those expressed or implied by such forward looking statements. Factors that could cause or contribute to such differences include, but are not limited to, market or other economic changes, other uncertainties and matters beyond the control of newAX's management and other risks detailed in the Company's Annual Report for the year ended March 31, 2004 and in the Company's Quarterly Reports for the quarters ended June 30, 2004, September 30, 2004 and December 31, 2004. Contact person: John C. Loring (773) 935 0710 |
 Subscribe and receive targeted press release announcements. Choose from several categories. Sign up today!  Media Searches Reference Tools Journalism Sites Public Relations PR Bookstore Organizations/Assns. Careers |