NEW YORK, April 28, 2006 (PRIMEZONE) -- Bexil Corporation (AMEX:BXL) announced today that it had consummated the sale of its 50% interest in privately held York Insurance Services Group, Inc. to a newly formed entity controlled by a private equity fund and certain other investors for approximately $39 million in cash.
As previously disclosed, on December 29, 2005 Bexil's Board of Directors authorized a special dividend to stockholders of $1.00 per share of the common stock contingent upon the closing of the sale. The following record and payment dates have now been established for such dividend: payable May 31, 2006 to stockholders of record on May 15, 2006.
Bexil is a holding company. Approximately 25% of Bexil's shares are owned by Winmill & Co. Incorporated (Pink Sheets:WNMLA), which is engaged through subsidiaries in investment management, including gold investing through its management of gold mutual fund Midas Fund (Nasdaq:MIDSX), and securities trading.
Safe Harbor Note
Certain of the statements and predictions contained herein constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. In particular, any statements, projections or estimates that include or reference the words "believes," "intends," "anticipates," "plans," "expects," "will," or any similar expression fall within the safe harbor for forward-looking statements contained in the Reform Act. Forward-looking statements are not guarantees of future performance and involve risks, uncertainties, and other factors, including those set forth below, which may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by those statements. More information on potential risks and uncertainties is available in the Company's recent filings with the Securities and Exchange Commission, including its Form 10-KSB, quarterly Form 10-QSB reports and Forms 8-K.