EXX INC Announces Delay in Filing Form 10K Report for the Fiscal Year Ended December 31, 2004

LAS VEGAS, March 31 -- EXX INC (AMEX:EXX-A) (AMEX:and) (AMEX:EXX-B) today announced that it filed a notice with the Securities and Exchange Commission to extend the time to file its Annual Report on Form 10K for the fiscal year ended December 31, 2004. In connection with the preparation of EXX's Annual Report on Form 10K for the fiscal year ended December 31, 2004, certain issues have come to the attention of management, including EXX's allocation for financial accounting purposes of the purchase price for EXX's January 2003 acquisition of Newcor, Inc. EXX anticipates that in connection with the resolution of such issues it will report a reduction in the previously reported income from continuing operations for the fiscal year ended December 31, 2003 from $5.6 million to $5.2 million. EXX expects to file its Annual Report on Form 10K for the fiscal year ended December 31, 2004 on or before April 15, 2005.

EXX anticipates that the consolidated statements of operations included in its Annual Report on Form 10K for the fiscal year ended December 31, 2004 will report income from continuing operations of approximately $1.5 million, as compared to income from continuing operations of $5.6 million previously reported for the fiscal year ended December 31, 2003. The decrease in income from continuing operations in 2004 compared to 2003 was attributable primarily to competitive pricing pressures and a charge to pre tax earnings of approximately $4.5 million related to the impairment of certain assets in EXX's Mechanical Equipment business segment, offset by a pre tax gain of $2.5 million related to forgiveness of indebtedness on the Newcor term notes.

The above results of operations may contain certain forward-looking statements which are covered under the safe harbor provisions of the Private Securities Legislation Reform Act of 1995 with respect to the Company's future financial performance. Although EXX INC believes the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be realized. Forward-looking statements involve known and unknown risks which may cause EXX INC's actual results and corporate developments to differ materially from those expected. Factors that could cause results and developments to differ materially from EXX INC's expectations include, without limitation, withdrawal of business by principal customers, changes in manufacturing and shipment schedules, delays in completing plant construction and acquisitions, labor disturbances, new product and technology developments, competition within each business segment, cyclicality of the markets for the products of a major segment, litigation, significant cost variances, the effects of acquisitions and divestitures, and other risks.