SOURCE: CLX Investment Company, Inc.

May 31, 2007 09:33 ET

CLX Investment Company Announces Filing of Form N-54C Notification of Withdrawal of Business Development Company Election

TEMECULA, CA--(Marketwire - May 31, 2007) - CLX Investment Company, Inc. (OTCBB: CLXN) today announced that at its annual meeting of shareholders, a majority of the holders of the company's common stock approved a proposal to withdraw CLX's election to be treated as a business development company (BDC) pursuant to Section 54(c) under the Investment Company Act of 1940.

After the meeting was adjourned, CLX filed a Form N-54C notifying the Securities and Exchange Commission that the company was withdrawing its election to be subject to Sections 55 through 65 of the Investment Company Act of 1940. The withdrawal became effective immediately, and CLX is now conducting business as an operating company rather than as a business development company subject to the Investment Company Act.

In addition to the approval of the BDC withdrawal proposal, a majority of the holders of the company's common stock approved proposals to elect the Board of Directors to annual terms, ratify the appointment of HJ Associates & Consultants, LLP as the company's independent public accountants for the fiscal year ending September 30, 2007, and the ratify the appointment of Parsons Law Firm as the company's general counsel.

At the meeting, the company's inspector of election totaled the number of shares represented in person or by proxy at the meeting, and concluded that a total of 110,470,241 shares of CLX's common stock were represented in person and/or by proxy. This represented a quorum for the purpose of conducting valid shareholder business at the meeting, since as of April 4, 2007, there were a total of 118,310,668 shares of CLX common stock issued and outstanding.

The following voting results were then announced: The proposal to withdraw the BDC election received 60,079,168 affirmative votes, 1,164,727 votes against, and 238,123 abstentions. The affirmative votes represent 97.7% percent of all cast votes. The proposal to elect Robert McCoy to the Board of Directors received 109,915,741 affirmative votes, 100,500 votes against, and 454,000 abstentions. The affirmative votes represent 99.5% percent of all cast votes. The proposal to elect James Bickel to the Board of Directors received 109,950,741 affirmative votes, 100,500 votes against, and 420,000 abstentions. The affirmative votes represent 99.5% percent of all cast votes. The proposal to elect Patrick Edgerton to the Board of Directors received 109,950,741 affirmative votes, 100,500 votes against, and 419,000 abstentions. The affirmative votes represent 99.5% percent of all cast votes. The proposal to ratify the appointment of HJ Associates & Consultants, LLP as the company's independent public accountants for the fiscal year ending September 30, 2007 received 110,045,680 affirmative votes, 376,500 votes against, and 48,061 abstentions. The affirmative votes represent 99.6% percent of all cast votes. The proposal to ratify the appointment of Parsons Law Firm as the company's general counsel received 109,942,680 affirmative votes, 476,500 votes against, and 51,061 abstentions. The affirmative votes represent 99.5% percent of all cast votes.

"We are pleased to have held our annual meeting of shareholders and to have passed all of the proposals under consideration by shareholders," said Robert McCoy, chief executive officer of the company. "With the BDC withdrawal completed, CLX can now look forward to pursuing its acquisition strategy designed to build value for CLX shareholders. The coming weeks are expected to bring additional information on this strategy and will include the first concrete steps toward its execution. We hope that shareholders will continue to follow our progress and will be pleased as the initial milestones are reached."

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About CLX Investment Company

CLX Investment Company (www.clxinvestments.com) holds a 31% equity interest in Zonda, Inc. (www.zondaincusa.com). CLX has also invested, and holds a common stock position, in ActionView International, Inc. (www.actionviewinternational.com), a publicly traded global manufacturer and marketer of "smart" scrolling advertising billboards.

All statements included in this release, including statements regarding potential future plans and objectives of CLX Investments are forward-looking statements. Such statements are necessarily subject to risks and uncertainties, some of which are significant in scope and nature beyond CLX Investments' control. There can be no assurance that such statements will prove accurate. Actual results and future events could differ materially from those anticipated in such statements depending on many factors. Historical results are not necessarily indicative of future performance.

Contact Information

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