NEW YORK, Jan. 5 /PRNewswire-FirstCall/ -- Engex, Inc. , today announced that its stockholders had approved the Exchange Agreement with Director and President, J. Morton Davis, at the annual Meeting held January 4. Pursuant to the Agreement, Engex will issue to Mr. Davis, pending regulatory approval, 488,614 shares of Engex Common Stock in exchange for the retirement of debt under a Note held by Mr. Davis in the amount of $4,324,237. The shares to be issued were valued at $8.85 per share, which was the higher of the closing price and the net asset value per share as of January 3, 2007, in order to give the Fund the benefit of the higher prevailing price. On January 3, 2007, Engex's Common Stock closed at $8.85 on the Amex and had a net asset value of $7.92.
Engex, Inc. is a closed-end, management investment company, registered with the Securities and Exchange Commission.
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