NEW YORK, Dec. 20, 2001 (PRIMEZONE) -- Tuxis Corporation (AMEX:TUX) announced today the adoption by the Board of Directors of a new non-fundamental investment policy providing that the Company will seek to achieve its investment objective by investment in operating businesses and /or investment securities as the officers of the Company deem appropriate, consistent with the shareholder-approved mandate to transition the Company from a registered investment company to an operating company.
As contemplated in the proxy statement seeking shareholder approval for the conversion, the Board of Directors deemed it appropriate to reconsider certain of the investment policies in order to facilitate the transition to an operating company. In this connection, the Board eliminated the Company's former non-fundamental investment policy that required investment of at least 50% of its assets in municipal securities and the balance primarily in securities of selected growth companies and tax-advantaged investments. These changes will become effective January 1, 2002.