EXHIBIT 99.1

Denver Colorado--Dec. 31, 2002--

      EMEX Corp. (EMEX.OB), today announced that it has filed for liquidation
under Chapter 7 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the
District of Colorado, in Denver.

      In our 10QSB filed for the Quarter ending September 30, 2002, we notified
the public that we did not anticipate generating material revenues in 2002 and
could only meet our remaining 2002 funding requirements by borrowing additional
funds from our existing lender, Thorn Tree Resources LLC ("Thorn Tree"), a major
shareholder of ours, or from other independent sources. We indicated that we do
not generate significant revenue from operations and cannot continue operations
beyond December 31, 2002 without outside funding.

      Thorn Tree has indicated that it will not make additional loans to fund
our operations beyond December 31, 2002. We have hired outside financial
advisors to help us obtain funding from independent sources, but we have been
unsuccessful to date. The Board of Directors believes that the Company's only
and best option is to liquidate our assets and distribute any realized proceeds
to our creditors. We do not believe that our assets have sufficient value upon
liquidation to repay our creditors in full. We do not expect any distribution to
our shareholders.

      Chapter 7 permits a company to liquidate its assets under bankruptcy court
supervision. Civil lawsuits pending against the Company should be stayed. The
Company is still studying at this time which, if any, subsidiaries may be
included in the bankruptcy filing in the future.