SOURCE: Envirokare Tech, Inc.

Envirokare Tech, Inc.

March 12, 2010 13:30 ET

Xemex Holdings Corp., a Commercial Real Estate Developer Merges With Envirokare Tech, Inc.

BROOKLYN, NY--(Marketwire - March 12, 2010) -  Envirokare Tech, Inc. (PINKSHEETS: ENVK) (the "Company") announced that it has acquired Xemex Holdings Corp. ("Xemex"), a commercial real estate management and development company headquartered in Brooklyn, New York. The Company will now redirect and focus its business to align with Xemex's real estate activities.

Simultaneously with the acquisition, Steve Pappas, a member of the Company's Board of Directors, became Chairman and CEO of the Company. Mr. Pappas proclaimed, "The merger with Xemex represents the next step in the Company's growth and development which will provide the foundation for access to the public capital markets." Mr. Pappas further stated that he is looking forward to integrating Xemex's business as well as his strategic goals into the Company in the near future. 

Prior to the Xemex acquisition, the Company completed a spin-out of its existing technology business to stockholders of record as of February 25, 2010. In connection with the spin-out each stockholder of record will receive one share of Envirokare Composite Corp. (ECC) for each share of ENVK they owned on the record date.

In the near future, the Company plans to change its name to a name more consistent with its business and real estate development operations.

About Xemex Holdings Corp: Xemex Holdings Corp. specializes in the management development and co-op/condo conversions of residential, commercial and mixed use real estate projects. Management of Xemex owns and operates a portfolio of residential and commercial properties in Brooklyn, New York. Furthermore, management, led by Steve Pappas possesses significant experience in all phases of the real estate industry such as management, development, construction, real estate finance, rentals, leasing, real estate conversions, etc.

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.

Contact Information

  • CONTACT:
    Envirokare Tech, Inc.
    Investor Relations: Steve Pappas - (718) 625-2700