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FOR IMMEDIATE RELEASE

Contacts:
         Dennis McGrath
         McGrath-Buckley
         651/646-4115


         VirtualFund Announces Results of Special Shareholder's Meeting

Minneapolis, MN, May 18, 2001 - VirtualFund, Inc. (Nasdaq: VFND). VirtualFund
announced today that Melvin Masters, the company's former CEO, was removed as a
director at a Special Shareholder's Meeting. Of the 15,631,404 shares eligible
to vote 9,317,864 cast ballots in favor of removing Masters, or 87% of the total
voting. Only 1,039,831 affirmatively voted to retain Masters. A total of
10,712,580 ballots were cast, or a 68.53 % voter turnout. (4,918,824 shares did
not vote at all.)

         Chairman of the Board Tim Duoos said that, "The Board is pleased with
this result. The percentage of shareholders voting at this meeting was high. We
look forward to being able to return to a more normalized corporate management
approach, and to the task of creating shareholder value."

         The Company also reported that Nasdaq has informed it that it will have
until August 7 to demonstrate compliance with the Minimum Bid Price and Market
Value of Public Float requirements for continued listing on The Nasdaq National
Market. As previously reported, the Company's common stock would be subject to
delisting from The Nasdaq National Market if these requirements are not met. If
the Company receives notice on or after August 7, 2001, that Nasdaq has
determined to delist its common stock, it would have the right to appeal that
determination. If delisted from The Nasdaq National Market, the stock may be
eligible to trade on another marketplace, including the Nasdaq Bulletin Board.

         VirtualFund also announced today that Joseph P. Beckman, Senior Vice
President, Secretary and General Counsel of the Company, has resigned as an
officer and employee of the Company effective May 21, 2001, to pursue other
professional opportunities. Mr. Beckman had previously tendered his resignation
before the Board suspended Mr. Masters in November 2000, but rescinded that
resignation at the request of the Board. The Company expects that Mr. Beckman
will continue to provide legal services to it. "The Board is grateful to Mr.
Beckman for his tireless and outstanding service during the difficult challenges
we have faced these past several months," said Mr. Duoos.


ABOUT VIRTUALFUND, INC.


VirtualFund.com, Inc is currently engaged in Internet hosting and information
technology systems integration and consulting through its principal operating
subsidiary, RSPNetwork, Inc. Telephone: 952-943-9777. Fax: 952-829-1988.
Additional information is available on the company's Web site at
http://www.virtualfund.com.
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Safe Harbor:
We desire to take advantage of the "safe harbor" provisions contained in the
Private Securities Litigation Reform Act of 1995 (the "Act"). In addition, this
document may contain statements that are intended as "forward-looking
statements" within the meaning of the Act. The words or phrases "expects", "will
continue", "is anticipated", "we believe", "estimate", "projects", "hope" or
expressions of a similar nature denote forward-looking statements. Those
statements are subject to certain risks and uncertainties that could cause
actual results to differ materially from historical results or results presently
anticipated or projected. Those risks and uncertainties include those discussed
in this document. We wish to caution you not to place undue reliance on
forward-looking statements. The factors listed in this document may have
affected the Company's performance in the past and could affect future
performance. Anyone deciding to invest in our common stock will take on
financial risk. In deciding whether to invest, individuals should carefully
consider the factors included in this document and other information publicly
available to them. If we are unable to implement our plans successfully, we may
lose our investment in one or more of the programs described in this document.

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