USA: BEVEX Announces Abandonment of Beverage Center Development Project
BEVEX Inc. today announced that during a board of directors meeting held in Zurich, Switzerland on 13 June 2000, it was decided the Beverage Center Development Project was not progressing as required and, therefore, would be abandoned. The development and early-stage testing of the new beverage center design technology to date has required more time at considerably higher costs than originally anticipated without accomplishing the desired results.Additionally, there is too much uncertainty if and when a market-ready beverage center can be delivered at the required price level to make it viable in the marketplace. Given these factors, along with the dramatic downturn in available funding, due to the downturn in the technology sector markets, it is neither prudent nor reasonable to pursue this project any further.It is with considerable regret that the board issues this announcement, but the board believes the shareholders' interest will be better served in the long term if BEVEX can develop some other profitable business venture for BEVEX.In conjunction with the abandonment of the beverage center project, BEVEX has closed its office in Switzerland. Furthermore, Hughes Monteil, the Swiss-based chairman of the board, has announced his immediate resignation from the board.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. These include economic, competitive, governmental, technological and other factors discussed in the company's filings with the Securities and Exchange Commission.
June 30, 2000