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Exhibit 99.5
Court Denies Masters' Suit for Temporary Restraining Order; Nasdaq Trading
Suspension Extended; Lawsuit Filed by Manugistics
MINNEAPOLIS, Dec. 6 /PRNewswire/ -- VirtualFund.com, Inc. (Nasdaq: VFND)
today announced that it has been notified by The Nasdaq Stock Market(R) that
Nasdaq has changed Tuesday afternoon's temporary trading halt in its common
stock to an "additional information requested from the company" suspension in
trading.
The company believes Nasdaq's action resulted from VirtualFund's
announcement yesterday that the board had engaged two consulting firms to
conduct independent evaluations related to the company's use of cash, related
party business transactions and the company's e-business-to-business strategy.
The company has affirmed that reports from both consulting firms will be
completed as promptly as possible and immediately reviewed by the board of
directors.
In a court action late yesterday, Hennepin County District Court Judge Beryl
Nord rejected Melvin Masters' request for a temporary restraining order that
would nullify his suspension as chairman, CEO and president. The court also
rejected Masters' request for a preliminary injunction calling for an immediate
meeting of shareholders and certain other relief.
VirtualFund also disclosed today that Manugistics, Inc., a software company
located in Rockville, Md., has filed a lawsuit against the company in the
Federal District Court for the District of Maryland. The lawsuit alleges that
the company has anticipatorily breached a Software License Agreement and seeks
payment from VirtualFund of an additional $4.5 million in licensing fees. The
lawsuit was filed in response to the VirtualFund's notification to Manugistics
that the purported contract had not been authorized by the board of directors
and its demand that Manugistics return $2.5 million of company funds previously
paid to Manugistics at the direction of Melvin L. Masters. The company is
currently evaluating its response to the lawsuit.
SOURCE VirtualFund.com, Inc.
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SOURCE VirtualFund, Inc.
Web Site: http://www.virtualfund.com
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