PRESS RELEASE
Published on July 17, 2003
NEWS RELEASE
CONTACT: MICHAEL PECHETTE
FOUNDATION GROWTH INVESTMENTS
(312) 551-9900
JOHN FERGUSON (INFORMATION AGENT)
MORROW & CO.
BANKS AND BROKERS: (800) 654-2468
STOCKHOLDERS: (800) 607-0088
ALL OTHERS: (212) 754-8000
RICK CONKLIN (DEALER MANAGER AND FINANCIAL ADVISER)
WILLIAM BLAIR & COMPANY
800-621-0687 ext. 5333
FOUNDATION GROWTH COMMITTED TO ACQUIRING EXEGENICS
CHICAGO, ILLINOIS, July 16, 2003 - Foundation Growth Investments LLC and EI
Acquisition Inc. announced today that they remain committed to acquiring all of
the outstanding stock of eXegenics Inc. (Nasdaq: EXEG) despite eXegenics'
proposed merger announced earlier today.
Timothy Leonard, President of EI Acquisition Inc., made the following statement
today: "We are emphatic about buying eXegenics. We are offering the eXegenics
stockholders the certainty of CASH. In the merger announced today by eXegenics,
the board continues to jeopardize stockholder value by suggesting to its
stockholders that they exchange their eXegenics' stock at a fixed ratio for the
volatile stock of AVI BioPharma. There appears to be no value created for
eXegenics' stockholders in this transaction. We intend to evaluate the details
of AVI BioPharma's offer and respond to eXegenics' stockholders shortly."
NOTICE FOR EXEGENICS STOCKHOLDERS
The complete terms and conditions of Foundation Growth Investments' offer are
set forth in an offer to purchase, letter of transmittal, and other related
materials which were 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, or William Blair &
Company, the Dealer Manager and financial adviser for the transaction, at (800)
621-0687 ext. 5333.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NEITHER AN OFFER TO
PURCHASE NOR A SOLICITATION OF AN OFFER TO SELL SHARES OF EXEGENICS INC.
* * *
This announcement should not be construed to constitute a solicitation of any
consent. Foundation Growth Investments has filed with the Securities and
Exchange Commission a preliminary consent statement relating to the solicitation
of consents with respect to the removal of removal of all directors from the
eXegenics board and the appointment of a new slate of directors. Foundation
Growth Investments will furnish to eXegenics' stockholders, a definitive consent
statement and may file other consent solicitation materials. Investors and
security holders are urged to read the consent statement and any other consent
solicitation materials (when they become available) because they will contain
important information.
Investors and security holders are able to obtain a free
copy of the preliminary consent statement and the definitive consent statement
(when it is available) and other documents filed by Foundation Growth
Investments with the Commission at the Commission's website at www.sec.gov. In
addition, you will also be able to obtain a free copy of the definitive consent
statement (when it is available) by contacting Morrow & Co., Inc., the
Information Agent for the transaction, at (800) 607-0088, or William Blair &
Company, the Dealer Manager and financial adviser for the transaction, at (800)
621-0687 ext. 5333.
Detailed information regarding the names, affiliations and
interests of individuals who may be deemed participants in the solicitation of
consents of eXegenics stockholders are available in the preliminary consent
statement filed by Foundation Growth Investments with the SEC on Schedule 14A.