MIAMI, Fla.-Wireless device maker E-Rex Inc. said it will delay the release of its ambitious wireless e-mail, Internet and printing device-dubbed Dragonfly-due to lack of available funding.
“Due to the continued long-term decline in the company’s share price, E-Rex is unable to ensure Valcom that funds will be available to pay for third-party components to complete the assembly of Dragonfly field testing units,” said Carl Dilley, the company’s president and chief executive officer. “This lack of funding will cause a further delay in delivery of the units which we hope to be able to resolve shortly.”
The company said it is considering a reverse stock split, and is in negotiations to secure interim funding to continue Dragonfly development.
E-Rex is working to develop a wireless device that can access the Internet and e-mail, and features integrated color printing, scanning, faxing and copying capabilities. The device will use Microsoft Corp.’s Windows operating system.
