Nanergy Inc.

June 08, 2006 13:26 ET

Nanergy Inc. Shifts Business Focus, Disposes of Nanotechnology Business and Spins Off Remaining Ownership to Shareholders

NEW YORK, NEW YORK--(CCNMatthews - June 8, 2006) -

Changes Name to Xacord, Inc., Elects New Director, and Signs Letter of Intent to Acquire Metaccord, Ltd., a Developer of Wi-Fi and Cellular Platform Software

Nanergy Inc.(PINK SHEETS:NNGY) today announced that, effective May 15, 2006, it has transferred all of its nanotechnology assets to Beito, Inc., a subsidiary, which has been renamed Nanergy, Inc., and that it has changed its name to The Company has also issued 25,973,517 shares of the subsidiary to certain shareholders of the Company in consideration for the waiver by them of accrued but unpaid sums owed to them by the Company. In connection with the transaction, Dr. Zoltan Kiss and Mr. Robert Rubin resigned as directors of the Company, and Dr. Kiss resigned as President and Chief Executive Officer of the Company. Dr. Kiss and Mr. Rubin became directors of the subsidiary and Dr. Kiss was appointed as President and Chief Executive Officer of the subsidiary. Mr. Moshe Gluzman a Director of the Company and previous president was named the President and Director of the Company and Raziel Yosef was elected a Director and Secretary.

The Company also announced that Metaccord Acquisition Corp., a newly-formed subsidiary of the Company, has entered into a letter of intent to acquire all of the shares of Metaccord Inc., whose sole asset is Metaccord Ltd., an Israeli corporation specializing in platform software for the wireless and communications industries. Upon closing of the acquisition, Metaccord Inc. will be the surviving entity and will become a subsidiary of Xacord.

Further, in order to provide the opportunity for shareholders to receive maximum value for their investment, the subsidiary has agreed to register the 24,212,939 shares of common stock of the subsidiary held by the Company for distribution to the shareholders of the Company, on a pro rata basis.

The shares will be distributed as soon as practicable after a registration statement covering the distribution of shares has been filed by Nanergy with the SEC and has been declared effective. Each shareholder of record of Xacord at that time will receive a pro rata share of the 24,212,939 shares in the subsidiary owned by the Company.

Xacord has engaged an accounting firm to prepare the books of the Company for an audit, and it intends to post its audited statements on and on its website as soon as possible.

About Xacord Inc.

Xacord is the parent company of Metaccord and Nanergy. The 24,212,939 shares of Nanergy held by Xacord are being spun off to the shareholders of Xacord after a registration statement covering the distribution of shares has been filed by Nanergy with the SEC and has been declared effective.

About Nanergy Inc.

Nanergy Inc. is a developmental stage company headquartered south of Princeton, NJ. Its focus is on developing exciting consumer products that harness nanotechnology, and especially photovoltaic nanofilms, while conducting ongoing research in storing hydrogen using carbon nanotubes. Its new corporate website is still being developed but is available for viewing at

About Metaccord Ltd.

Established at the end of 2001, Metaccord Systems has developed a software platform for the wireless and cellular industries to automate the rapid delivery and deployment of third-party services and content. The platform facilitates the creation of a rich diversified service offering for customers by streamlining the creation and management of partnerships between mobile telecom carriers, Wi-Fi operators, and large numbers of partners, including wireless application and content providers.

Safe Harbor Statement This press release contains forward-looking statements that involve risks and uncertainties. This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things: (i) the Company's financing plans; (ii) trends affecting the Company's financial condition or results of operations; (iii) the Company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend," "promise," "seeking to," "negotiating to" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors.

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