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meVC DRAPER FISHER JURVETSON FUND I, INC.
(d/b/a MVC CAPITAL)
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MVC Capital Announces Record Date
For Annual Meeting Of Shareholders
Board and Management Commit to Purchasing Shares
Menlo Park, CA - January 24, 2003 - MVC Capital (NYSE: MVC), an information
technology venture capital fund, today announced that its Board of Directors has
established Thursday, February 6, 2003 as the record date for the determination
of shareholders entitled to receive notice of, and to vote at, the Fund's Annual
Meeting of Shareholders on February 28, 2003.
MVC said its Board of Directors placed all seven open Board seats up for a vote
by shareholders at the Annual Meeting. The Board nominated six new candidates,
five of whom are independent, with the outstanding qualifications and vision
required to support MVC's investment strategy.
"Not only have these highly qualified professionals agreed to serve as Directors
of the Fund," said John M. Grillos, CEO and a Director of the Fund, "each has
also personally committed to make a significant equity investment in MVC in the
near future."
Mr. Grillos continued, "In addition, Fund President William `Boots' Del Biaggio
and I have matched the Board nominees' commitment and will be purchasing MVC
stock to further align our interests with those of the Fund's shareholders."
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.
We encourage you to sign up for MVC Capital's email notification list by
clicking on the following link:
http://www.mvccapital.com/mailing_list/subscribe.jsp
Contact:
MVC Capital
Brian Matthews, 650/926-7015 (Investors)
or
The Abernathy MacGregor Group (Media)
Mike Pascale/Rhonda Barnat, 212/371-5999
IN CONNECTION WITH THE ABOVE-DESCRIBED MATTERS AND ITS 2003 ANNUAL MEETING OF
SHAREHOLDERS, meVC DRAPER FISHER JURVETSON FUND I, INC. (d/b/a MVC CAPITAL) HAS
FILED A PROXY STATEMENT AND INTENDS TO FILE OTHER MATERIALS WITH THE SECURITIES
AND EXCHANGE COMMISSION. SHAREHOLDERS ARE URGED TO READ THE PROXY STATEMENT AND
THESE OTHER MATERIALS WHEN THEY BECOME AVAILABLE
BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION. SHAREHOLDERS MAY OBTAIN A FREE
COPY OF THE PROXY STATEMENT AND THESE OTHER MATERIALS WHEN THEY BECOME AVAILABLE
AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SECURITIES AND EXCHANGE
COMMISSION CONCERNING MVC CAPITAL AT THE SECURITIES AND EXCHANGE COMMISSION'S
WEB SITE AT HTTP://WWW.SEC.GOV. SHAREHOLDERS MAY ALSO OBTAIN FOR FREE THE PROXY
STATEMENT AND OTHER DOCUMENTS FILED BY MVC CAPITAL WITH THE SECURITIES AND
EXCHANGE COMMISSION IN CONNECTION WITH THE ABOVE-DESCRIBED MATTERS BY DIRECTING
A REQUEST TO BRIAN MATTHEWS AT 3000 SAND HILL ROAD, BUILDING ONE, SUITE 155,
MENLO PARK, CA 94025 OR 650-926-7015.
MVC CAPITAL AND ITS DIRECTORS AND EXECUTIVE OFFICERS MAY BE DEEMED TO BE
PARTICIPANTS IN THE SOLICITATION OF PROXIES FROM MVC CAPITAL SHAREHOLDERS WITH
RESPECT TO THE ABOVE-DESCRIBED MATTERS. INFORMATION REGARDING THESE DIRECTORS
AND EXECUTIVE OFFICERS AND THEIR OWNERSHIP OF MVC CAPITAL COMMON STOCK IS SET
FORTH IN MVC CAPITAL'S PROXY STATEMENT FOR ITS 2003 ANNUAL MEETING OF
SHAREHOLDERS. ADDITIONAL INFORMATION REGARDING THESE DIRECTORS AND EXECUTIVE
OFFICERS AND THEIR INTERESTS IS INCLUDED IN THE PROXY STATEMENT.
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.