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News From BOB EUBANKS, FLEXXTECH SPOKESPERSON; FLEXXTECH INCREASES STAKE IN NORTH TEXAS CIRCUIT BOARD CO. TO 80%
FLEXXTECH CORPORATION
5777 West Century Blvd., Ste. 767
Los Angeles, CA 90045
MEDIA CONTACT:
Larry Donizetti, Luminary Ventures, CEO
(727) 934-6761
BUSINESS CONTACT
Greg Mardock, President FLEXXTECH
(310) 342-0794
FOR IMMEDIATE RELEASE
FLEXXTECH INCREASES STAKE IN
NORTH TEXAS CIRCUIT BOARD CO. TO 80%
(Flexxtech Acquires Additional 13% of Board Company to Bring Total Ownership to 80%)
Los Angeles, California, November 2, 2000 . . . Mr. Bob Eubanks, spokesperson and shareholder of Flexxtech Corporation (the Company") (OTC: FLXT) announced today that Flexxtech Holdings, Inc., a wholly-owned subsidiary of Flexxtech Corporation has acquired an additional 13% of Primavera Corporation, the parent company of North Texas Circuit Board Co. (NTCB"). The increase in equity brings Flexxtechs ownership from 67% to 80%. The additional increase in equity ownership was based on adjustments from the original acquisition that closed in August 2000.
NTCB is a Texas based, high volume producer of quick-turn circuit boards of high technology and quality. NTCB is the platform company for Flexxtech in its roll-up plan in the printed circuit board business. As part of its $2 billion plan, Flexxtech is actively pursuing several proven industry innovators in the circuit board business and anticipates additional acquisitions in the months ahead.
As a well-rounded company investing in emerging technologies, our roll-up plan in the circuit board business could not arrive at a more opportune time. Circuit boards are used in all aspects of our lives from cell phones, to laptops, to aerospace, to the Internet; we need circuit boards to communicate," stated Bob Eubanks, spokesperson and shareholder of Flexxtech. Without circuit board manufacturers, the entertainment industry, as well as probably 95% of all industries would be out of business, and communications as we know them today would not exist. I am very excited about the roll-up plan and how it fits with Flexxs portfolio companies. I am proud to be involved in a company that has its hands in building the future as a place to live and communicate," added Mr. Eubanks.
Mr. Greg Mardock, President and Director of Flexxtech Corporation stated, The additional equity in NTCB gives us greater strength in continuing with our roll-up plan. These are very exciting times. Business is being conducted today in ways that were unimaginable even 10 years ago. In our roll-up plan we are concentrating on companies that are involved in the communications business, including the Internet, broadband, as well as the flexible circuit business." Mr. Mardock added, Through our roll-up plan we will be maximizing profit efficiencies that are customary in consolidation plans. We believe that we can increase margins significantly through the consolidation and raise the bar in margin efficiencies for all companies in the industry. We hope to set the standard for others to follow."
Flexxtech has recently completed its consolidated audited financial statements and proformas through June 30, 2000. All SEC filings on Form 10K, 10Q, and 8K including unaudited financial statements through September 2000 will be filed in November 2000. Also this month, the Company plans on filing an application with the American Stock Exchange.
About North Texas Circuit Board Company
NTCB was founded in 1978 and is involved in high volume production of quick-turn circuit boards. The Company manufacturers up to 28+ layers, uses exotic materials, and provides 24-hour delivery among its many other services. The Company has been profitable for 22 of 23 years of existence and is ISO 9002 certified. Year 2000 sales will approach $10 million.
NTCBs partial customer list includes: Boeing Defense and Space Group, L3 Communications, Litton Marine Systems, Lockheed Martin Aeronautical, Northrop, Orbital Sciences, Raytheon, Rockwell, Texas Instruments, Vitro, and Westinghouse.
About Flexxtech Corporation
Flexxtech Corporations (OTC: FLXT) investment objective is to build a $2 billion holding company in the next three years by developing, operating, and investing primarily in emerging growth technology companies and those companies positioned to benefit from the growth of the Internet and the Intranet. The companys strategy also promotes opportunities for investment in undervalued situations and synergistic business relationships among the companies in which it has investments.
Flexxtech through its wholly-owned subsidiary Flexxtech Holdings, Inc. currently owns 100% of Mardock, Inc.; 80% of Primavera Corporation, the parent company of North Texas Circuit Board Co., Inc.; 80% of OpiTV.com, and large minority ownership in Accesspoint Corporation (OTCBB: ASAP), Ameri-First Financial Services, Inc. (OTCBB: AMFR), and Infinite Networks, Inc. (OTCBB: INCZ).
Additional information on Flexxtech can be viewed at its web site at: www.flexxtech.com.
This release contains forward-looking statements within the meaning of Section 27a of the Securities Act of 1933, as amended and section 21e of the Securities and Exchange Act of 1934, as amended. Those statements include the intent, belief or current expectations of the company and its management team. Prospective investors are cautioned that any such forward looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Accomplishing the strategy described herein is significantly dependent upon numerous factors, many that are not in managements control. Some of these factors include the ability of the company to raise sufficient capital, attract qualified management, attract new customers and effectively compete against similar companies.
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