DUTCHESS CAPITAL MANAGEMENT LLC ANNOUNCES THE RE-OPENING OF FUND TO NEW INVESTORS - 10/15/02

Boston, MA October 15 2002 ? Dutchess Capital Management LLC today announced that Dutchess Private Equities Fund LP is re-opening to new investors effective October 15, 2002. The goal of the Fund is to raise an additional $50 million to continue its investments in the private placements of public-traded growth companies, commonly known as PIPEs (Private Investment in Public Equities).

Dutchess Private Equities Fund LP was formed in September of 2000, in response to the growing demand for private equity capital among public companies. Since its inception, the Fund has outperformed all major indices while maintaining a very low standard deviation. ?Due to our market neutral strategy, we have been able to post solid monthly, quarterly and yearly returns despite a tumultuous market?, stated Douglas Leighton, Managing Member, Dutchess.

Since 1995, public companies have raised over $228 billion dollars through PIPE investments, according to online industry publication Placementtracker.com. ?These opportunities provide for the identification of promising technologies and services early in their growth cycle?, said Michael Novielli, Managing Member, Dutchess. He added, ?It is investments in such ventures which have historically generated exceptional rates of return.?

About Dutchess:

Dutchess Private Equities Fund LP and its General Partner are supported by Dutchess Advisors LLC, a merchant bank engaged in assisting growth companies in all facets of their long-term strategy, by providing capital and progressive solutions. Since 1996, Dutchess has provided advisory services and arranged in excess of $200 million in financings for companies throughout North America and Europe. These companies span a wide array of industries including; Healthcare, Biotechnology, Internet, Technology, Media, Communications, Oil & Gas, Textile, Defense, Precious Metals and Alternative Energy.


For further information visit www.dutchessadvisors.com. Dutchess maintains offices in Boston, MA (617) 960-3570 and Danbury, CT (203) 791-3838.