ObjectSoft Corp. Completes Merger, Changes Name to Nanergy Corp.; Changes Symbol to NNGY and Consolidates Shares

Jun 17, 2005, 01:00 ET from ObjectSoft Corporation

    NEW YORK, June 17 /PRNewswire-FirstCall/ -- Nanergy Inc. ("Nanergy"),
 formerly ObjectSoft Corp. (OTC Other: NNGY, formerly OSFT) today announced
 that it has received the necessary approvals and has changed its name to
 Nanergy Inc. to reflect the company's new focus on nanotechnology.  In
 addition, Nanergy has completed its previously announced acquisition of
 Nanmergeco, Inc., a New Jersey Corporation owning the nanotechnology assets
 previously held by RES, Inc. (formerly Terra Solar Development Corp.) and also
 of Accusealed of Hungary.
     Concurrently, the Board of Directors and a majority of the shareholders
 approved a consolidation of the shares on a one-for-one hundred basis.
 Fractional shares will be rounded up to the nearest whole share.  Although
 there is no need to do so, shareholders who wish to may exchange their old
 certificates for new certificates through the transfer agent, American Stock
 Transfer & Trust Company.
     In connection with these corporate actions, the NASDAQ has changed the
 ticker symbol to NNGY effective today.
     Prior to the share consolidation and closing of the merger, there were
 292,163,720 shares outstanding. Post consolidation, there are approximately
 2,921,700 shares in the public float, and 5,656,616 unregistered shares were
 issuable in connection with the merger for a total of 8,578,316 shares.
 Additional shares may be issuable to former Namergeco shareholders, depending
 on the attainment of certain milestones or upon the possible exercise of
 certain anti-dilution rights by former Nanmergeco shareholders, prior to
 Nanergy becoming a fully reporting company.  Should all options and be
 exercised and all additional contingent shares are earned, the total
 outstanding shares on a fully diluted basis could aggregate approximately 48
     "This is an exciting event for Nanergy shareholders," said Moshe Gluzman,
 Nanergy CEO. "We welcome Dr. Zoltan Kiss and the talented scientists and
 engineers who have just joined us.  We are working diligently to get our first
 products (which have been previously announced and can be previewed on our
 website) into manufacture and expect our first sales before year-end.  Nanergy
 is also working to become fully reporting," said Mr. Gluzman.
     About Nanergy Inc.
     Nanergy Inc. is a publicly traded nanotechnology company headquartered in
 New York City, with offices in Princeton, NJ and in Hungary.  Its focus is on
 developing exciting consumer products that harness nanotechnology, and
 especially photovoltaic nanofilms, while conducting ongoing research in
 storing hydrogen using carbon nanotubes.  Its new corporate website is still
 being developed but is available for viewing at http://www.nanergyinc.com .
     Safe Harbor Statement
     This press release contains forward-looking statements that involve risks
 and uncertainties. This release contains statements that constitute forward-
 looking statements within the meaning of Section 27A of the Securities Act of
 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as
 amended.  These statements appear in a number of places in this release and
 include all statements that are not statements of historical fact regarding
 the intent, belief or current expectations of the Company, its directors or
 its officers with respect to, among other things: (i) the Company's financing
 plans; (ii) trends affecting the Company's financial condition or results of
 operations; (iii) the Company's growth strategy and operating strategy; and
 (iv) the declaration and payment of dividends.  The words "may," "would,"
 "will," "expect," "estimate," "anticipate," "believe," "intend," "promise,"
 "seeking to," "negotiating to" and similar expressions and variations thereof
 are intended to identify forward-looking statements.  Investors are cautioned
 that any such forward-looking statements are not guarantees of future
 performance and involve risks and uncertainties, many of which are beyond the
 Company's ability to control, and that actual results may differ materially
 from those projected in the forward-looking statements as a result of various
      Investor Contact:
      Cynthia DeMonte
      DeMonte Associates

SOURCE ObjectSoft Corporation