Engex, Inc. Receives NYSE Amex Notification of Listing Continuation

NEW YORK, Oct. 29 /PRNewswire-FirstCall/ -- Engex, Inc. EGX (the "Company") announced on August 7, 2009 that it had received notice from the NYSE Amex Staff indicating that the Company was below certain of the Exchange's continued listing standards. Specifically, the Company was not in compliance with Section 1003(a)(ii) of the Company Guide with stockholders' equity (as in net assets) of less than $4,000,000 and net losses in three of its four most recent fiscal years, Section 1003(a)(iii) of the Company Guide with stockholders' equity (as in net assets) of less than $6,000,000 and net losses in its five most recent fiscal years and Section 1003(b)(v)(A) of the Company Guide in that its total market value of publicly held shares and net assets are each less than $5,000,000 for more than 60 consecutive days. The Company was afforded the opportunity to submit a plan of compliance to the Exchange. On September 14, October 2, and October 9, 2009, the Company presented its plan to the Exchange.

On October 23, 2009, the Exchange notified the Company that it accepted the Company's plan to regain compliance with Section 1003(b)(v)(A) of the Company Guide by February 8, 2010 and Sections 1003(a)(ii) and 1003 (a)(iii) of the Company Guide by February 7, 2011. The Company will be subject to periodic review by Exchange Staff during the periods covered by the plan. Failure to make progress consistent with the plan or to regain compliance with the continued listing standards by the end of the periods covering the plan could result in the Company being delisted from the NYSE AMEX LLC.

Engex, Inc. is a closed end mutual fund registered under the Investment Company Act of 1940, as a nondiversified, closed-end investment company.

On behalf of the Board of Directors

Michael Siciliano

Treasurer, Engex, Inc.

Some statements contained in this news release are forward-looking statements within the safe harbor of the Private Securities Litigation Reform Act of 1995. These statements generally are identified by words such as the Company "believes", "expects", and similar language, or convey estimates and statements that describe the Company's future plans, objectives or goals, and include the Company's ability to submit a plan to the Amex, the Amex's acceptance of the plan, the continued listing of the Company's shares on the Amex, the Company's ability to increase its stockholders' equity, continue operations, and meet its obligations. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Further information regarding risks and uncertainties which may cause results to differ materially from those projected in forward-looking statements, are included in filings by the Company with securities regulatory authorities. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date thereof. The Company does not undertake to update any forward-looking statements that may be made from time to time except in accordance with applicable securities laws.

SOURCE Engex, Inc.