EXHIBIT 99.1


                            FOR IMMEDIATE RELEASE
                            ---------------------

                      NEWCOR, INC. FILES PROPOSED JOINT
                      CHAPTER 11 PLAN OF REORGANIZATION


         LAS VEGAS, NEVADA--October 16, 2002--EXX INC. (Amex: EXX.A; EXX.B)
today reported that Newcor, Inc. and its wholly-owned subsidiaries, as
debtors and debtors-in-possession, filed a proposed Joint Plan of
Reorganization in their chapter 11 cases pending before the United States
Bankruptcy Court for the District of Delaware.

         The Plan provides for Newcor to continue as a going concern and
results in a significant reduction of debt from Newcor's capital structure.
Specifically, the Plan provides for the cancellation of $125 million of
senior notes and a distribution of $28 million of new notes to holders of
allowed unsecured claims.

         As described more fully in the Plan, the Plan provides for, among
other things, holders of administrative claims, priority tax claims,
priority non-tax claims, and secured creditors to be paid in full. Holders
of unsecured claims are to receive their pro-rated share of the $28 million
of new notes and $20 million in cash, of which $6 million shall be from a
rights offering, that will be subscribed to by EXX INC. on a standby basis.
In addition, David A. Segal, the largest shareholder of EXX and Chief
Executive Officer of EXX and Newcor, would agree to purchase, on a standby
basis, up to $3 million of new notes to be issued under the Plan by Newcor.
Pursuant to the rights offering, it is anticipated that Newcor will cease to
be a stand-alone public reporting company and will become a subsidiary of
EXX.

         Confirmation of the Plan is subject to the requisite vote of
creditors and approval by the Bankruptcy Court. The foregoing discussion is
qualified in its entirety by reference to the specific provisions of the
Plan, which are subject to change before a proposed definitive Plan and
related Disclosure Statement are mailed to Newcor's creditors and
shareholders.

         Newcor, headquartered in Royal Oak, Michigan, designs and
manufactures precision machined parts, molded rubber and plastic products,
as well as custom machines and manufacturing systems.

         EXX INC. is a holding company based in Las Vegas, Nevada engaged in
the production and sale of electric motors sold to a variety of industries,
cable pressurization and monitoring equipment for the telecommunications
industry and toys. EXX's Class A common stock and Class B common stock are
listed on the American Stock Exchange under the symbols EXX.A and EXX.B.

         Certain information contained herein includes information that is
forward-looking. The matters referred to in forward-looking statements may
be affected by the risks and uncertainties involved in EXX's business. These
forward-looking statements are qualified in their entirety by the cautionary
statements contained in filings by EXX with the Securities and Exchange
Commission.