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Exhibit 99.4
VirtualFund Hires Two Independent Investigators to Examine E-Business Strategy,
Trace Relayed Party Transactions
MINNEAPOLIS, Dec. 5 /PRNewswire/ -- VirtualFund.com, Inc. (Nasdaq: VFND)
announced today that the company has engaged two independent consulting firms,
PricewaterhouseCoopers LLP and Matrix Associates, Inc. to conduct separate
investigations and evaluations.
PricewaterhouseCoopers will conduct an investigation of the company's use of
cash since the sale of its high-speed color printer and printer software
business for $47 million last June. The national consulting and accounting firm
will also examine related party transactions involving VirtualFund's suspended
CEO, president and founder, Melvin Masters. As of November 22, 2000, the day of
Masters' suspension, the company's cash and cash equivalents were $19 million,
down from approximately $30.2 million, at September 30, 2000.
Matrix Associates, a business consulting firm that specializes in valuations
of mergers and acquisitions and analysis of business operations and strategies
has completed an evaluation of the business transactions entered into by Masters
which resulted in Masters' suspension. Matrix is proceeding with an evaluation
of the Company's business-to-business strategy that VirtualFund has been
focusing on since the sale of its printer business. Investments made in pursuit
of that strategy have significantly reduced the company's cash position over the
past five months but have produced virtually no revenues.
Timothy Duoos, vice chairman of VirtualFund's board of directors, said the
investigations have already begun and that the directors are reviewing Matrix'
conclusions respecting the business transaction in question as well as looking
forward to the results of the remaining examinations which are expected be
completed in the near future, when the board expects to receive full reports
from both PricewaterhouseCoopers and Matrix Associates.
The company also announced that in a prior action, the board appointed
Timothy Demers Acting Chief Technical Officer, and Ronald Schlege Acting
Executive Vice President of Business and Operations. Demers has been managing
director of Virtual Fund's Rymatics Software operation, based in Tulsa, Okla. He
has 10 years of experience as a software engineer, systems architect and chief
technology officer. Schlegel joined the company in October as vice president of
product development. Previously, he co-founded a national business to-business
application service provider company as well as a national business-to-business
medical e commerce and information company.
SOURCE VirtualFund.com, Inc.
