SOURCE: Bexil

Bexil

September 23, 2015 09:02 ET

Bexil Corporation Announces Sale of Mortgage Subsidiary

NEW YORK, NY--(Marketwired - Sep 23, 2015) - Bexil Corporation (OTC PINK: BXLC) today announced that its 92% owned subsidiary Bexil American Mortgage Inc. (BAM) had closed the sale of its mortgage subsidiary Castle Mortgage Corporation (Castle). In exchange for all of Castle's stock, BAM received consideration including $725,000 in cash. Immediately before the closing, BAM exercised its option to acquire the Castle stock it did not already own for $278,000. At closing, BAM withdrew approximately $4.7 million in cash and receivables from Castle and the buyer recapitalized Castle, assuming approximately $0.7 million of liabilities.

About Bexil Corporation
Bexil is a holding company engaged through subsidiaries in investment management and securities trading. To learn more about Bexil, including Rule 15c2-11 information, please visit www.Bexil.com.

Safe Harbor Note
This release contains certain "forward looking statements" made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These statements involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Bexil, which may cause the Company's actual results to be materially different from those expressed or implied by such statements. Investors should carefully consider the risks, uncertainties and other factors, together with all of the other information included in the Company's Annual Report and similar information. The forward looking statements made herein are only made as of the date of this release, and the Company undertakes no obligation to publicly update such forward looking statements to reflect subsequent events or circumstances.

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