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EXHIBIT 99.1
EXX INC
Suite 689
1350 EAST FLAMINGO ROAD
LAS VEGAS, NV 89119
EXX WITHDRAWS PROPOSED EXCHANGE OFFER.
NEWCOR BOARD'S INTRANSIGENCE KILLS
PROPOSED $4.00 EXCHANGE OF SHARES
Las Vegas, NV--August 8, 2000--EXX INC (Amex: EXX-A and EXX-B)
today announced that it has withdrawn its proposed Exchange Offer to
acquire shares of Newcor Inc. (Amex: NER) common stock for $4.00 per
share payable in EXX Class A shares.
David A. Segal, Chairman of EXX, stated that EXX had determined
that it was not advisable to proceed with the Exchange Offer in view of:
Newcor Board of Directors' intransigence; their refusal to withdraw the
Newcor "Poison Pill"; and their lack of cooperation in identifying the
Subordinated Noteholders so that EXX might negotiate an arrangement to
avoid a call of the Notes if there were a change of control.
"We are quite disappointed that Newcor's Board has determined not
to pursue our proposal to enhance Newcor's capital position, better
align the interests of management with those of its stockholders and
access EXX's expertise in business turnarounds," said Segal.
Mr. Segal stated that EXX may continue to acquire Newcor shares in
the open market or privately negotiated transactions or through other
means, despite the negative trends affecting Newcor's business
fundamentals and the dismal performance by Newcor's management and Board
of Directors.
Further, EXX said it was interested in discussing with Newcor's
Subordinated Noteholders a possible waiver of the call provisions in the
Subordinated Notes, in the event of a change of control of Newcor.
This release may contain some forward-looking statements. We
undertake no obligation to publicly update any forward-looking
statements, whether as a result of new information, future events or
otherwise.
