JUNE 16, 2003 PRESS RELEASE
Published on June 16, 2003
NEWS RELEASE
FOUNDATION GROWTH INVESTMENTS ANNOUNCES INTENT TO SOLICIT
CONSENTS TO REMOVE BOARD OF DIRECTORS
CHICAGO, Illinois, June 16, 2003 - In connection with its all cash tender offer
for the stock of eXegenics Inc. (NasdaqSC:EXEG), Foundation Growth Investments
announced today its intent to solicit consents from the stockholders of
eXegenics in order to remove all directors from the eXegenics board and to
appoint a new slate of directors who are committed to repealing all amendments
to the eXegenics bylaws since the last version identified in eXegenics' federal
securities filings, redeeming all rights under and terminating the eXegenics
poison pill adopted last week by the eXegenics board, and approving the merger
with Foundation Growth Investments' wholly-owned subsidiary, EI Acquisition
Inc., following the successful completion of the tender offer.
NOTICE FOR EXEGENICS STOCKHOLDERS
The complete terms and conditions of the offer are set forth in an offer to
purchase, letter of transmittal and other related materials which have been
filed with the Securities and Exchange Commission on May 29, 2003, as amended,
and distributed to eXegenics stockholders. eXegenics stockholders are urged to
read the tender offer documents because they contain important information.
Investors are able to receive such documents free of charge at the SEC's web
site, www.sec.gov, or by contacting Morrow & Co., Inc., the Information Agent
for the transaction, at (800) 607-0088.
THIS ANNOUNCEMENT IS NEITHER AN OFFER TO PURCHASE NOR A SOLICITATION OF AN OFFER
TO SELL SHARES OF EXEGENICS INC.