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EXHIBIT 99(A)
FOR IMMEDIATE RELEASE
NEWCOR, INC. AMENDS RIGHTS PLAN
AND REJECTS EXX INC. PROPOSAL
BLOOMFIELD HILLS, MI: August 4, 2000 -- Newcor, Inc. (Amex-NER) announced today
that it has amended its rights plan to increase from 15% to 17.5% the percentage
that EXX Inc. and its affiliates and associates can beneficially own of Newcor's
common stock before triggering the distribution of rights, and related
consequences, under Newcor's rights plan.
On July 17, 2000, EXX submitted a written proposal to the Board of Directors of
Newcor proposing that EXX purchase newly issued shares of Newcor common stock in
order to increase its beneficial ownership to 34.84% and acquire effective
control of Newcor by controlling three Board seats and having David A. Segal,
Chairman of EXX, become Chairman of the Board and CEO of Newcor. After careful
consideration, the Board of Directors of Newcor rejected such proposal today as
not in the best interest of Newcor shareholders. EXX and Mr. Segal were
encouraged, however, to maintain an open dialogue with the Board for the purpose
of providing constructive suggestions with the goal of maximizing shareholder
value.
According to EXX's public filings, EXX is a Las Vegas, Nevada-based holding
company engaged in the design, production and sale of "impulse toys," watches,
kites, electric motors and cable pressurization equipment with net sales for the
year ended December 31, 1999 of $21.2 million.
Newcor is a leading manufacturer of precision machined components and assemblies
for the automotive, medium and heavy duty truck and agricultural vehicle
industries and is a manufacturer of custom rubber and plastic products primarily
for the automotive industry. Newcor is also a supplier of standard and custom
machines and systems primarily for the automotive and appliance industries.
