Equus Takes Action to Collect $2.3 Million from
Trulite
Equus Notes Conflict of Interest in Fact that Trulite Chairman, CEO and Paula Douglass, a Trulite Director, are
Each Nominees of “Committee to Enhance Equus”
April 23, 2010 02:20 PM Eastern Daylight Time
HOUSTON--(EON: Enhanced Online News)--Equus Total Return, Inc. (NYSE: EQS) (“Equus” or the “Fund”)
today announced that on April 22, 2010, it had taken action to collect $2.3 million owing from Trulite, Inc., a
portfolio company of Equus. The loan to Trulite was originated by Paula Douglass (who until March 2010 had been
an officer of the Fund and a member of the Fund’s Investment Committee). Trulite defaulted on the Loan from
Equus on January 26, 2010.
“We are very disturbed that Jonathan H. Godshall, CEO of Trulite, John D. White, Chairman of Trulite, and Paula
Douglass, a Director of Trulite, have been put forward by the ‘Committee to Enhance Equus’ (The Douglass
Committee) as nominees for Directors for your Fund,” said Richard Bergner, Chairman of the Fund. “The
appointment of these proposed nominees would not be in the best interest of the Fund’s shareholders, as these
Directors would have a clear conflict in their duty to protect the interest of the Fund’s shareholders versus their duty
to protect the assets of Trulite, which is in default on a $2.3 million loan from the Fund.”
In early 2007, Trulite commenced trading on the OTC Bulletin Board and on March 31, 2008 had a market
capitalization in excess of $14 million. In July 2008, Paula Douglass was appointed to the Board of Trulite. By June
2009, Trulite’s stock price declined and last traded at a penny per share in July 2009 with a market capitalization of
approximately $200,000.
About Equus
The Fund is a business development company that trades as a closed-end fund on the New York Stock Exchange,
under the symbol "EQS". Additional information on the Fund may be obtained from the Fund’s website at
www.equuscap.com.
This press release may contain certain forward-l