SOURCE: BBX Capital Corporation
BFC Financial Corporation ("BFC") and BBX Capital Corporation ("BBX
Capital") announced on December 15, 2016 that the companies' previously
announced merger had been completed. On February 2, 2017, BFC announced
that it had changed its name to BBX Capital Corporation and, beginning
February 3, 2017, our stock commenced trading on the OTCQX® Best Market under the new ticker symbol "BBXT".
Alan
B. Levan, Chairman and Chief Executive Officer of BBX Capital
Corporation, commented, "In summary, the anticipated benefits of the
merger were to consolidate and streamline the combined companies and
simplify our corporate structure as one company rather than two with
overlapping assets, unlocking the visibility and potential valuation of
Bluegreen Vacations® to a single owner, increase liquidity
for shareholders of the combined company by providing the clarity of one
name and one ticker, and to concentrate Investor Relations to a single
company.
From December 15, 2016 through February 21, 2017, the
trading price of our Class A Common Stock increased 62%, from $3.95 to
$6.40, hit new 52 week highs 21 days out of the 43 trading days, and the
average 30 Day trading volume rose approximately 100%, from 109,752 to
217,584 shares.
"We are pleased that the early response to our
activities has been so positive and we will be providing more
information about BBX Capital's activities and performance during 2016
in the upcoming Report on Form 10-K, investor road tours and
conferences," Levan concluded.
About BBX Capital Corporation:
BBX Capital Corporation (OTCQX: BBXT) (OTCQX: BBXTB),
formerly BFC Financial Corporation, is a holding company whose
principal activities are its ownership of Bluegreen Corporation and,
through its Real Estate and Middle Markets Divisions, the acquisition,
ownership and management of joint ventures and investments in real
estate and real estate development projects and middle market operating
businesses.
Bluegreen, founded in 1966 and headquartered in Boca
Raton, Florida, is a sales, marketing and resort management company,
focused on the vacation ownership industry. Bluegreen manages, markets
and sells the Bluegreen Vacation Club, a flexible, points-based, deeded
vacation ownership plan with more than 200,000 owners, 66 owned or
managed resorts, and access to more than 4,500 resorts worldwide.
Bluegreen also offers a portfolio of comprehensive, turnkey, fee-based
services, including resort management services, financial services, and
sales and marketing services, to or on behalf of third parties.
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