SOURCE: Trimax Corporation

March 02, 2007 08:49 ET

Trimax Provides Update for Trading Venue Change

TORONTO -- (MARKET WIRE) -- March 2, 2007 -- Trimax Corporation (PINKSHEETS: TMXO) and its wholly owned subsidiaries, PLC Network Solutions, Inc. (PLC) and Multi-Source, Inc. (MSI), providers of Broadband over Powerline (BPL) communication technologies, announce that effective immediately it will now be trading on the Pinksheets exchange ( The move from the OTCBB is not related in any way to any inappropriate actions by the company. As per the new NASD Rule 6530, a reporting issuer on the OTCBB is not allowed to file late 3 times within a 24-month period, no exceptions, including any extenuating circumstance or hardship.

Trimax had previously filed quarterlies several days late due to US GAAP interpretations including its 10QSB's ending March 31, 2006, whereby the company's auditor had asked for clarification from the SEC on a complex accounting issue regarding treatment for a recent acquisition. The company's auditor was not aware of NASD Rule 6530 or it would have filed the 10QSB on time without the clarification from the SEC, and re-stated at a later date as required. Trimax has spoken to SEC regulators and is in the process of requesting a date change for its last filing where the company's securities lawyers feel there is evidence for such a change that would keep Trimax trading on the OTCBB.

As well, Trimax's attorneys are evaluating the new OTCQX exchange as a possible venue for listing in place of the OTCBB. The company qualifies as a primeQX issuer which is an operating company with audited financials and is SEC compliant. The OTCQX exchange is designed to differentiate operating companies with audited financials that can meet certain requirements and provide investors with easy access to disclosure. OTCQX will also offer free real-time level II quotes to the public which other exchanges do not offer. Until a decision is reached, the company will trade on the Pinksheets exchange whereby it will be classified as a tier 2 issuer, meaning that it will remain a fully reporting issuer and will follow the same rules as it would on the OTCBB. Once the company files 4 consecutive timely filings it is then eligible to go back to the OTCBB market. If the company's core business has not changed, it will be allowed to automatically list on the OTCBB.

In the interim, whether the company is approved to move back to the OTCBB or not, shareholders will not notice any difference in how the stock can be traded. The company does not expect its business and future growth prospects to diminish in any way. Furthermore the company's funding entities are aware of this new rule and are committed to facilitating the requirements needed to achieve the aggressive growth plans of the company. Executing the company's BPL and corporate strategy has been fundamental to continue its growth through acquisitions and partnerships both in the Americas and overseas.

About Trimax / MSI / PLC

Trimax and its wholly owned subsidiaries Multi-Source Inc. and PLC Networks Inc. are providers of last mile Broadband over Power Line (BPL) communication technologies. Trimax/MSI/PLC specializes in the development, distribution, implementation, and servicing technologies that use the power grid to deliver 128-bit encrypted high-speed symmetrical broadband for IP data, voice and video transmission. BPL is a disruptive communications technology that turns the existing ubiquitous power line infrastructure and common electrical wiring in commercial and residential buildings, into a high-bandwidth network. Broadband is delivered simultaneously on a single platform, to every electrical outlet throughout the home or business. To connect, users simply plug a wired/wireless modem into any electrical outlet, and plug their computer, phone, security camera or IP device into the modem.

Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand and the Company's ability to obtain new contracts and accurately estimate net revenues due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential factors that could affect the Company's financial results, can be found in the Company's Annual and Quarterly Filings and in its Reports on Forms 8-K filed with the Securities and Exchange Commission (SEC).

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