Engex, Inc. Issues Common Stock Pursuant to Stock Purchase Agreement With J. Morton Davis

Share Name	Share Symbol	Market	Type
Engex, Inc.	AMEX:EGX	AMEX	Ordinary Share

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Engex, Inc.

AMEX:EGX

AMEX

Ordinary Share

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Engex, Inc. Issues Common Stock Pursuant to Stock Purchase Agreement With J. Morton Davis

01/10/2009 7:50pm

PR Newswire (US)

Engex (AMEX:EGX)
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NEW YORK, Oct. 1 /PRNewswire-FirstCall/ -- Engex, Inc. (American Stock Exchange: EGX) today announced that, as of the close of business on September 30, 2009, Engex sold, pending regulatory approval, 161,101 shares of Engex Common Stock to J. Morton Davis for $953,397.88. Mr. Davis, the Chairman and principal shareholder of the Fund, made the investment in order to increase Engex's net asset value and stockholders' equity. The proceeds of the investment were used to retire the Fund's margin debt so that, upon completion of the sale of the shares, Engex no longer has any loans outstanding. The shares were valued at $5.918 per share, which was 10% above the higher of the closing price and the net asset value per share on September 30, 2009, in order to give the Fund the benefit of a premium above the higher prevailing price. On September 30, 2009, Engex's Common Stock closed at $5.38 on the Amex and had a net asset value (prior to giving effect to the issuance of the new shares) of $3.62. Engex, Inc. is a closed-end, management investment company registered with the Securities and Exchange Commission. DATASOURCE: Engex, Inc. CONTACT: Mr. Michael Siciliano, Engex, Inc., +1-212-495-4524

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EGX Engex, Inc.