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EXHIBIT 99.1
FOR IMMEDIATE RELEASE
EXX RAISES NEWCOR STAKE TO 15%
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PLEADS WITH NEWCOR NOT TO ACTIVATE "POISON PILL"
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Las Vegas, NV-June 29, 2000-EXX INC (Amex: EXX-A and EXX-B)
today announced that it had increased its ownership of Newcor, Inc.
common stock so that together with the shares owned by its Chairman, the
combined share ownership exceeds 15% of Newcor's common stock
outstanding.
This increase in share ownership by EXX creates the possibility
of Newcor's Board of Directors activating a so called "Poison Pill".
EXX also released the text of an "Open Letter to Newcor's Board
of Directors" which it is sending to Newcor's Board. The letter appears
below.
June 29, 2000
An Open Letter to the Board of Directors of Newcor, Inc.
EXX INC AND THE UNDERSIGNED NOW OWN IN EXCESS OF 15% OF THE
COMMON STOCK OF NEWCOR INC. WE ARE THE LARGEST SHAREHOLDER OWNING MORE
THAN ALL OF THE OFFICERS AND DIRECTORS OF NEWCOR COMBINED. (BASED ON
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THE ACTUAL OWNERSHIP OF CURRENT OFFICERS AND DIRECTORS AS LISTED IN
NEWCOR'S PROXY STATEMENT OF MARCH 29, 2000). YET, WE HAVE NO
REPRESENTATION ON THE BOARD OF DIRECTORS. OUR REPEATED EFFORTS AND
OFFERS TO HELP IN THE "TURN-AROUND" OF NEWCOR HAVE BEEN REBUFFED.
NEWCOR'S BOARD HAS REFUSED TO DISCUSS ANYTHING WITH US.
Now having increased our stock ownership to in excess of 15%,
the Newcor Board of Directors may - if it so chooses - activate the so
called "Poison Pill" they put into place in 1999.
We urge Newcor's Board NOT TO ACTIVATE the "Poison Pill". It
may very well work to the disadvantage of Newcor's shareholders as well
as to EXX's disadvantage.
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Instead, we humbly request that Newcor's Board of Directors
meet with the undersigned, as Chairman of EXX INC, to work out a
mutually acceptable arrangement giving EXX INC representation on
Newcor's Board, and allowing EXX to bring its proven "turn-around"
skills to bear to help restore Newcor to profitability.
David A Segal
Chairman of the Board
EXX INC
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Statements EXX INC may publish that are not strictly historical are
"forward-looking" statements under the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Although EXX INC
believes the expectations reflected in such forward-looking statements
are based on reasonable assumptions, it can give no assurance that its
expectations will be realized. Forward-looking statements involve known
and unknown risks which may cause actual results and corporate
developments to differ materially from those expected.
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