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meVC DRAPER FISHER JURVETSON FUND I, INC.
(d/b/a MVC CAPITAL)
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MVC CAPITAL RESPONDS TO FEDERAL COURT DECISION
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Menlo Park, CA - February 24, 2003 -- MVC Capital (NYSE:MVC), an information
technology venture capital fund, today issued the following statement in
response to the decision by the United States District Court for the Southern
District of New York to deny MVC's motion for a preliminary injunction against
Millennium Partners, L.P., Millenco, L.P., and Karpus Management, Inc. for
multiple violations of federal securities law:
"We are clearly disappointed with the Court's decision. As the Court wrote in
its initial opinion today, this case involves "novel and complex" issues. We
pursued this litigation to protect the interests of MVC shareholders. We
recognized the high hurdles that the law placed on us to obtain such relief on
an urgent basis. We are reviewing the legal options available to us.
"The future of the Fund is up to MVC shareholders, and it is imperative that
they vote as soon as possible. On February 21, 2003, ISS, the world's leading
independent stockholder advisory organization, issued a report to its clients
recommending that MVC Capital shareholders vote in favor of Management's Board
of Directors candidates at MVC's upcoming Annual Meeting of Shareholders on
February 28, 2003. ISS recommended that MVC Capital shareholders vote against
dissident hedge fund shareholder Millenco's director nominees.
"We urge all MVC shareholders, regardless of the size of their holdings, to vote
FOR the MVC candidates on the WHITE proxy card, as time is growing short. If any
shareholders need assistance in voting, please contact MacKenzie Partners
toll-free at 800-322-2885."
About MVC Capital
MVC Capital, a business development company, was formed to provide individual
investors with the opportunity to invest in venture capital, a historically top-
performing asset class previously open only to high-net-worth individuals and
institutional investors. The Fund's investment objective is long-term capital
appreciation from venture capital investments in information technology
companies. MVC Capital utilizes both equity investing and lending to achieve its
objective. Additional information on the Fund and its investments may be
obtained by writing to MVC Capital, 3000 Sand Hill Road, Building One, Suite
155, Menlo Park, CA 94025, Attention: Secretary, via the website at
www.mvccapital.com, or by calling (877) 474-6382.
Contact:
MVC Capital
Brian Matthews, 650/926-7015 (Investors)
or
The Abernathy MacGregor Group (Media)
Mike Pascale/Rhonda Barnat, 212/371-5999
STATEMENTS IN THIS ANNOUNCEMENT OTHER THAN HISTORICAL DATA AND INFORMATION
CONSTITUTE FORWARD-LOOKING STATEMENTS THAT INVOLVE RISKS AND UNCERTAINTIES THAT
COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE STATED OR IMPLIED BY
SUCH FORWARD-LOOKING STATEMENTS. POTENTIAL RISKS AND UNCERTAINTIES MAY INCLUDE,
BUT ARE NOT LIMITED TO, RECENT CHANGES IN SENIOR MANAGEMENT, FLUCTUATIONS IN
OPERATING RESULTS, MARKET CONDITIONS, CHANGES IN TECHNOLOGY, INCREASED
COMPETITION AND OTHER RISKS IDENTIFIED BY MVC CAPITAL FROM TIME TO TIME IN ITS
FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.