Marc Gabelli Will Respond 'Forcefully in Court' to SEC Complaint

NEW YORK, May 13, 2008 (PRIME NEWSWIRE) -- In response to the Securities and
Exchange Commission filing a complaint against Marc Gabelli, Mr. Gabelli stated
today that he disputes the allegations of the complaint, and he intends to
respond to them forcefully in court.

Mr. Gabelli is a former portfolio manager of Gabelli Funds LLC ("the firm"). He
is now Chairman of the LGL Group, Inc. (AMEX:LGL).

Four years ago, the firm's board proactively investigated the claim the SEC is
now making and found no wrongdoing. The trading at issue, by a single investment
adviser, was not prohibited by the fund's prospectus, and was stopped with Mr.
Gabelli's approval five-and-a-half years ago, in August 2002, over a year before
the SEC began investigating the mutual fund marketplace for market timing
issues. Marc Gabelli never violated any rule or regulation and always managed
the mutual funds under his direction lawfully and in the best interests of
shareholders.

Indeed, the complaint does not allege that Mr. Gabelli made any false statements
to investors, does not allege that the trading violated the fund's prospectus,
does not allege that permitting the trades violated any rules of the fund, and
does not allege that Mr. Gabelli knew of any possible harm to investors.

"I intend to clear my name by responding vigorously to this allegation in
court," Mr. Gabelli said.

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