Tuxis Corp. (TUXS)
OTOTC · ClosedEndFund · CUSIP 901144105
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Security Profile

Security Type
Closed-End Fund
CUSIP
901144105
Market Cap
Micro Cap · $10 Million
Previous Symbol
TUX
Previous Name
Bull & Bear Municipal Income Fund
Fund Description: Tuxis Corp. is a non-diversified, closed-end investment management company. The Fund's investment objective is to provide an attractive level of long term total return on an after tax basis, consisting of a combination of current income and capital appreciation. In seeking to achieve this objective, the Fund's investment policy is normally to invest at least 50% of its assets in municipal securities and the balance primarily in securities of selected growth companies and tax advantaged investments. The Fund is internally managed.
Notes: February 14, 2007 -- TUXIS CORPORATION ANNOUNCES INTENTION TO VOLUNTARILY DELIST COMMON STOCK FROM AMERICAN STOCK EXCHANGE AND TERMINATE REGISTRATION AS A PUBLIC COMPANY -- Tuxis Corporation today announced that it has submitted written notice to the American Stock Exchange of its intention to voluntarily delist its common stock from the AMEX. On or about February 26, 2007, the Company intends to file a Form 25 with the Securities and Exchange Commission to complete the voluntary delisting of its common stock from the AMEX, which will become effective 10 days after the filing date. Subsequently, the Company intends to file a Form 15 with the SEC to terminate the registration of its common stock under the Securities Exchange Act of 1934, as amended. The Company anticipates the termination of registration will become effective 90 days following the filing of the Form 15 with the SEC. Upon filing of the Form 15, the Company’s obligation to file certain reports and forms, including Forms 10-KSB, 10-QSB and 8-K, with the SEC will immediately be suspended. Following the effectiveness of the Form 25 filing, the Company anticipates that its common stock will be quoted over-the-counter in the Pink Sheets to the extent market makers commit to make a market in the Company’s shares, although the Company can provide no assurance that trading in the stock will continue. Pink Sheets LLC is an electronic network through which participating broker-dealers can make markets, and enter orders to buy and sell shares of issuers. The Company intends to seek to identify a registered broker-dealer to sponsor the Company’s shares in the Pink Sheets, and act as a market maker following delisting of the Company’s shares from the AMEX. The Company will further seek additional market makers for the Company’s shares following delisting. The Board of Directors decided to take this action after considering the recommendation of a special committee of the independent members of the Board of Directors created to evaluate the issue. The committee concluded that the disadvantages of maintaining its listing on the AMEX and remaining a public company outweigh the benefits to the Company and its stockholders, and the Board concurred with the committee’s recommendation. Among the factors considered were: * the ongoing costs and expenses, both direct and indirect, associated with being listed on the AMEX and the preparation and filing of the Company’s periodic reports with the SEC; * the increase in costs and expenses that the Company expects to incur as a public company in light of the Sarbanes-Oxley Act of 2002, particularly complying with Section 404 of such Act; * the limited trading volume and liquidity of the Company’s stock on the AMEX; and * the lack of analyst coverage for the Company’s stock. Delisting and deregistration will allow management to focus its resources on implementing the Company’s business plan and position the Company to enhance long-term stockholder value. The Company intends to update its stockholders with financial information on a regular basis. Commenting on these developments, Mark C. Winmill, Chief Executive Officer of the Company, stated: “Costs associated with public reporting obligations have a real effect on our results. In addition, due to our small market capitalization and modest revenue base, we have not enjoyed many of the benefits traditionally associated with an AMEX listing. Our Board believes that stockholder value is best served through emphasizing future profitability over the limited benefits that have resulted from our current public reporting status and AMEX listing. At this time, we expect to report progress through quarterly earnings announcements and annual audited financial statements. We currently intend to make available annual reports and other information to stockholders on our website, www.tuxis.com.

Company Contact

CHR
Bassett S. Winmill
TRS
William G. Vohrer
PRS
Thomas B. Winmill
Headquarters
11 Hanover Square, New York, NY 10005
Phone
212-635-0671
Fax
212-785-0400
Investor Relations
William G. Vohrer · 212-635-0671 · wvohrer@tuxis.com
General Email
info@tuxis.com
SEC EDGAR Filings
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