ZEOX Corporation

ZEOX Corporation

February 16, 2010 09:27 ET

ZEOX Announces Update

WILTON, CONNECTICUT--(Marketwire - Feb. 16, 2010) - Mr. Garold R. Spindler, Chairman and CEO of ZEOX Corporation (The "Company" or "ZEOX") (TSX VENTURE:ZOX) (FRANKFURT:ZED), is pleased to update shareholders and the investment community on the status of the contemplated acquisition of Imagin Minerals, Inc.

- Zeox is in discussions with Imagin and expects to reach a Letter of Intent shortly. Zeox has established an Independent Committee to negotiate on behalf of Zeox Corporation. The Independent Committee consists of the current Board members, with exception of Mr. Spindler.

- The Committee has engaged an independent firm to perform a valuation and fairness opinion. The results, of which, will be published in the Informational Circular.

- Both the Independent Committee and Zeox Management are optimistic an agreement can be reached, that will provide financial stability, a platform for growth and increased value for current shareholders.

- Logician has agreed to vote in favor of the contemplated merger between Imagin Minerals and Zeox Corporation subject to various approvals by the TSX Venture Exchange (the "Exchange").

"While we are working hard to improve operations, Imagin Minerals is a strategic fit which will allow Zeox to quickly realize our growth potential. I am cognizant that shareholders are anxious for more details. Additional information will be provided to the extent legally possible. The process is moving and will accelerate in next couple of weeks", stated Michael Shea, Chief Financial Officer.

For a more complete business and financial profile of the Company, management encourages interested parties to view the Company's documents posted on www.sedar.com.

On behalf of the Board of Directors

Garold R. Spindler, Chairman and CEO

Legal Notice Regarding Forward Looking Statements: This news release contains "forward-looking statements within the meaning of applicable Canadian securities legislation. Forward-looking statements are indicated expectations or intentions. Forward-looking statements in this news release include that Zeox can reach an agreement to acquire St. Cloud Minerals, that the transaction will close and that the merged company will provide financial stability, a platform for growth and increased value for current shareholders. Factors that could cause actual results to be materially different include that we may not be able to reach agreement, shareholders or regulators may not approve of the agreement even if our board does, and the resulting company may not be successful at providing value to shareholders. Growth depends on customer support and winning new customers, as well as market conditions. Investors are cautioned against placing undue reliance on forward-looking statements. It is not our policy to update forward looking statements.

Neither the TSX Venture Exchange Inc. nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange Inc.) accepts responsibility for the adequacy or accuracy of this press release.

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