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Tuxis Corporation Announces 2021 Financial Results, Property Acquisition, Election of Director, and Amended Bylaws

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MILLBROOK, NY / ACCESSWIRE / June 17, 2022/ Tuxis Corporation (Stock Symbol:TUXS) ("Tuxis" or the "Company") today reported its financial results for the year ended December 31, 2021.

The Company recorded net income of $341,866 or $0.28 per diluted share for the year ended December 31, 2021 compared to a net loss of $165,407 or $0.13 per diluted share for the year ended December 31, 2020.

The Company's book value per share at December 31, 2021 was $6.23 (shareholders' equity of $7,735,969 divided by 1,241,441 shares issued and outstanding).

Property Acquisition

On December 29, 2021, the Company acquired a vacant former Home Depot in Lima, Ohio consisting of a 95,000 gross square foot building and approximately 35 acres of land for $2.95 million. The Company plans to convert the building to accommodate self storage. The conversion will depend on the Company obtaining financing for the conversion and other factors. The conversion effort may or may not be successful.

Election of Director

Susan E. Parker was reelected to the board of directors of the Company as a Class II Director to serve until the 2025 annual meeting of stockholders, or thereafter when her successor is duly elected and qualifies. This announcement was made at the conclusion of the Company's Annual Meeting of Stockholders on June 16, 2022.

Amended Bylaws

The Company announced today that it amended its bylaws effective June 16, 2022. The amended bylaws may be obtained at www.tuxis.com.

The limited information above in this press release is not adequate for making an informed investment judgment, and we urge stockholders and investors to read the Company's audited annual report for the year ended December 31, 2021, which is available at www.tuxis.com and www.otcmarkets.com under the Company's stock symbol.

About Tuxis Corporation

The objective of Tuxis Corporation, a holding company, is to increase book value per share over time for the benefit of its shareholders. The Company engages through subsidiaries primarily in real estate development and management. To learn more about Tuxis Corporation, including Rule 15c2-11 information, please visit www.tuxis.com.

Cautionary Note Regarding Forward Looking Statements

Certain information presented in this press release may contain "forward-looking statements" within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. Forward looking statements include statements concerning the Company's plans, including its plans as to the use of the proceeds from the sale, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, and other information that is not historical information. In some cases, forward looking statements can be identified by terminology such as "believes," "expects," "estimates," "may," "will," "should," "anticipates" or "intends," or the negative of such terms or other comparable terminology, or by discussions of strategy. All forward-looking statements by the Company involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of the Company, which may cause the Company's actual results to be materially different from those expressed or implied by such statements, including the negative impacts from the continued spread of COVID-19 on the economy, the broader financial markets, the Company's financial condition, and results of operations and cash flows. The Company may also make additional forward looking statements from time to time. All such subsequent forward-looking statements, whether written or oral, by the Company or on its behalf, are also expressly qualified by these cautionary statements. All forward-looking statements, including without limitation, the Company's examination of historical operating trends and estimates of future earnings, are based upon the Company's current expectations and various assumptions. The Company's expectations, beliefs and projections are expressed in good faith, but there can be no assurance that the Company's expectations, beliefs and projections will result or be achieved. All forward looking statements apply only as of the date made. The Company undertakes no obligation to publicly update or revise forward looking statements which may be made to reflect events or circumstances after the date made or to reflect the occurrence of unanticipated events.

The Company views book value per share, a non-GAAP financial measure, as an important indicator of financial performance. Presented in conjunction with other financial information, the combined presentation can enhance an investor's understanding of the Company's underlying financial condition and results from operations. The definition of book value as presented in this press release is shareholders' equity divided by currently issued and outstanding shares.


Thomas O'Malley
Chief Financial Officer
1-212-785-0900, ext. 267

SOURCE: Tuxis Corporation

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