FORT LAUDERDALE, FL--(Marketwired - February 23, 2017) - BFC Financial Corporation ("BFC") and BBX Capital Corporation ("BBX Capital") announced on December 15, 2016 that the companies' previously announced merger had been completed. On February 2, 2017, BFC announced that it had changed its name to BBX Capital Corporation and, beginning February 3, 2017, our stock commenced trading on the OTCQX® Best Market under the new ticker symbol "BBXT".
Alan B. Levan, Chairman and Chief Executive Officer of BBX Capital Corporation, commented, "In summary, the anticipated benefits of the merger were to consolidate and streamline the combined companies and simplify our corporate structure as one company rather than two with overlapping assets, unlocking the visibility and potential valuation of Bluegreen Vacations® to a single owner, increase liquidity for shareholders of the combined company by providing the clarity of one name and one ticker, and to concentrate Investor Relations to a single company.
From December 15, 2016 through February 21, 2017, the trading price of our Class A Common Stock increased 62%, from $3.95 to $6.40, hit new 52 week highs 21 days out of the 43 trading days, and the average 30 Day trading volume rose approximately 100%, from 109,752 to 217,584 shares.
"We are pleased that the early response to our activities has been so positive and we will be providing more information about BBX Capital's activities and performance during 2016 in the upcoming Report on Form 10-K, investor road tours and conferences," Levan concluded.
About BBX Capital Corporation:
BBX Capital Corporation (OTCQX: BBXT) (OTCQX: BBXTB), formerly BFC Financial Corporation, is a holding company whose principal activities are its ownership of Bluegreen Corporation and, through its Real Estate and Middle Markets Divisions, the acquisition, ownership and management of joint ventures and investments in real estate and real estate development projects and middle market operating businesses.
Bluegreen, founded in 1966 and headquartered in Boca Raton, Florida, is a sales, marketing and resort management company, focused on the vacation ownership industry. Bluegreen manages, markets and sells the Bluegreen Vacation Club, a flexible, points-based, deeded vacation ownership plan with more than 200,000 owners, 66 owned or managed resorts, and access to more than 4,500 resorts worldwide. Bluegreen also offers a portfolio of comprehensive, turnkey, fee-based services, including resort management services, financial services, and sales and marketing services, to or on behalf of third parties.
For further information, please visit our family of companies:
BBX Capital: www.BBXCapital.com
Bluegreen Corporation: www.BluegreenVacations.com
This press release contains forward-looking statements based on current expectations that involve a number of risks and uncertainties. The forward looking statements in this press release are also forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Securities Exchange Act of 1934, as amended, and involve substantial risks and uncertainties, including, without limitation, that the expected benefits of the merger, including the simplification of BFC's corporate structure and/or the efficiencies expected to result from the merger, may not be realized to the extent anticipated or at all; that the potential benefits of the name change or the move of the Company's Class A Common Stock and Class B Common Stock to the OTCQX® Best Market may not be realized to the extent anticipated or at all; and that past stock performance is not indicative of future performance. Further, past performance is not indicative of future results. Reference is also made to the risks and uncertainties detailed in reports filed by BBX with the SEC, including the "Risk Factors" sections thereof, which may be viewed on the SEC's website at www.sec.gov . The reader should not place undue reliance on any forward-looking statement, which speaks only as of the date made. BBX cautions that the foregoing factors are not exclusive, and we do not undertake, and specifically disclaim any obligation, to update or supplement any forward-looking statements whether as a result of changes in circumstances, new information, subsequent events or otherwise.