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Equus Total Return, Inc. Announces Write Down of Its Investment in Nickent Golf

January 2, 2009

HOUSTON, Jan. 2 /PRNewswire-FirstCall/ — Equus Total Return, Inc.
(NYSE: EQS) (the “Fund”) announces a write down of its debt and equity
investment in Nickent Golf, Inc. (“Nickent”). The write down from
$8.43 million to $180,000 is based on Nickent’s current financial condition
and the effects of the market economy on Nickent’s business. The remaining
fair value of the Fund’s investment represents a short-term loan secured by
certain accounts receivable of Nickent. Today’s write down follows a write
down from $9.18 million to $8.25 million at September 30, 2008. Previous to
today’s write down, the investment represented approximately 8.7% of the
Fund’s total net assets.

Equus 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 Equus Total Return, Inc. may be obtained from the Equus website
at http://www.equuscap.com.

This press release may contain certain forward-looking statements
regarding future circumstances. These forward-looking statements are based
upon the Fund’s current expectations and assumptions and are subject to
various risks and uncertainties that could cause actual results to differ
materially from those contemplated in such forward-looking statements
including, in particular, the risks and uncertainties described in the Fund’s
filings with the Securities and Exchange Commission. Actual results, events
and performance may differ. Readers are cautioned not to place undue reliance
on these forward-looking statements, which speak only as to the date hereof.
The Fund undertakes no obligation to release publicly any revisions to these
forward-looking statements that may be made to reflect events or circumstances
after the date hereof or to reflect the occurrence of unanticipated events.
The inclusion of any statement in this release does not constitute an
admission by the fund or any other person that the events or circumstances
described in such statements are material.

CONTACT: BRETT CHILES

               (713) 529-0900

SOURCE Equus Total Return, Inc.


Source: newswire



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