Pax Clean Energy, Inc.
OTC Bulletin Board : PXCE

March 17, 2009 08:31 ET

Pax Announces Progress on Agreement to Acquire Industry Leading Technology Company "Mobile Video Development, Inc."

WILMINGTON, DELAWARE--(Marketwire - March 17, 2009) - Pax Clean Energy, Inc. (OTCBB:PXCE) ("Pax" or the "Company") announced on March 9, 2009 that it had entered into a Stock Purchase Agreement with Mobile Video Development, Inc. ("MVDI"), an early stage technology company targeting applications in the exploding mobile social multi-media market.

Pax is pleased to announce that the due diligence processes have been completed, the Pre-14C has been filed and the stock held by the current management has been surrendered to the solicitors for cancellation on the closing of the transaction. We anticipate closing will occur prior to end of April 2009, subject to SEC review.

Additionally the company has received numerous inquiries surrounding this transaction and other matters and is preparing a shareholder update to address these inquiries in the near future. Please refer to the March 9th, 2009 press release for further details interim.

About MVDI

MVDI is developing new "game changing" technologies in mobile video sharing that can be leveraged to revolutionize how mobile video is used across wireless carriers and devices. MVDI believes that it's THWAPR product may be poised to achieve mass appeal and acceptance in rapidly growing and potentially very large segments of the mobile wireless markets and as a much needed "tool" and service to social networks. Through the business combination, the combined enterprise will take the initiative to move these new technologies into commercialization.

NOTICE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains 'forward-looking statements'. These are statements concerning plans, objectives, goals, strategies, expectations, estimates, intentions, projections, developments, future events, or performance, underlying (expressed or implied) assumptions and other statements that are other than historical facts. In some cases forward-looking statements can be identified by the use of forward-looking words such as 'believes', 'expects', 'may', 'will', 'should', or 'anticipates', 'estimates', or the negative of these words or other variations of these words or comparable words, or by discussions of plans or strategy that involve risks and uncertainties. Management wishes to caution the reader that these forward-looking statements, including, but not limited to, statements regarding the Company's plans, goals the estimates and assumptions, and the business strategy of the Company and other matters that are not historical facts are only predictions. No assurances can be given that such predictions and the estimates regarding revenues, profits, market share, software innovations, product developments, ideals or product concepts, currently existing or otherwise, or other projections will prove correct or that the anticipated future results will be achieved. Actual events or results may differ materially. Forward-looking statements should be read in light of the cautionary statements and risks that include, but are not limited to, the risks associated with a small company, the intense competition the company faces from others, and technological Changes. Anyone or more of these or other risks could cause actual results to differ materially from the future results indicated, expressed, or implied in such forward-looking statements.

Pax Clean Energy, Inc.

P.L. Hammond, C.A., President

(250) 655-3776

Contact Information

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