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Exhibit 99.1
VirtualFund Places CEO on Leave of Absence, Appoints Robert L. Kelly as Acting
CEO
MINNEAPOLIS, Nov. 24 /PRNewswire/ -- VirtualFund, Inc. (Nasdaq: VFND)
announced this morning that its Board of Directors placed Melvin L. Masters,
Chief Executive Officer and President of the Corporation, on a paid leave of
absence, effective November 20, 2000. Mr. Masters' leave will continue until
further action by the Board. Mr. Masters' authority to take action on behalf
of the Corporation (or any of its subsidiaries) has been suspended during this
leave of absence.
Robert L. Kelly has been appointed to serve as acting Chief Executive
Officer and President during such leave of absence.
The Company expects to issue a more detailed press release after the
Thanksgiving Holiday.
Safe Harbor:
We desire to take advantage of the "safe harbor" provisions contained in the
Private Securities Litigation Reform Act of 1995 (the "Act"). Information
contained in a Consolidation Release may differ slightly from original based on
corrections to typographical, grammar or similar errors. In addition, this
document may contain statements, which are intended as "forward-looking
statements" within the meaning of the Act. The words or phrases "expects," "will
continue," "is anticipated," "we believe," "estimate," "projects," "hope" or
expressions of a similar nature denote forward-looking statements. Those
statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from historical results or results presently
anticipated or projected. Those risks and uncertainties include those discussed
in this document. We wish to caution you not to place undue reliance on
forward-looking statements. The factors listed in this document may have
affected the Company's performance in the past and could affect future
performance. Anyone deciding to invest in our common stock will take on
financial risk. In deciding whether to invest, individuals should carefully
consider the factors included in this document and other information publicly
available to them. If we are unable to implement our plans successfully, we may
lose our investment in one or more of the programs described in this document.
SOURCE VirtualFund, Inc.
Web Site: http://www.virtualfund.com
