SOURCE: Xemex Group, Inc.

July 06, 2010 16:18 ET

Xemex Group, Inc. Announces Completion of Reverse Stock Split and Name Change

BROOKLYN, NY--(Marketwire - July 6, 2010) -  Xemex Group, Inc. (formerly, Envirokare Tech, Inc.) (PINKSHEETS: ENVKD) (the "Company"), announced that it has completed its previously announced name change and 1-for-1,000 reverse stock split, both of which became effective as of July 2, 2010. The Company is now officially known as "Xemex Group, Inc.," a name which better reflects its new business model after the Company's acquisition of Xemex Holdings Corp. ("Xemex"), a commercial real estate management and development company headquartered in Brooklyn, New York. As part of the name change process, the Company's stock symbol has been changed to "ENVKD" and will revert back to "ENVK" in twenty (20) business days following the effective date.

As a result of the 1-for-1,000 reverse stock split, the Company's outstanding common stock was reduced from 68,496,702 to approximately 68,496 and then, as a result of the automatic conversion of the preferred stock issued in the Xemex Holdings acquisition, the number of shares of the Company's common stock outstanding then automatically increased to approximately 39,150,113 shares.

About Xemex Group, Inc: The Company through its Xemex Holdings Corp. subsidiary specializes in the management, development, co-op/condo/pop (partial ownership participation) conversions of residential, commercial and mixed use real estate projects. Xemex presently owns, manages and develops and operates a portfolio of residential and commercial development properties in Brooklyn, New York (www.xemexgroup.com).

This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Act of 1934, as amended; such statements are subject to risks and uncertainties that could cause actual results to vary materially from those projected in the forward-looking statements. The Company may experience significant fluctuations in operating results due to a number of economic, competitive and other factors. These factors could cause operations to vary significantly from prior periods, and those projected in forward-looking statements.

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