Equus Total Return, Inc. Announces Second Quarter Net Asset Value

HOUSTON, Aug. 15  /PRNewswire-FirstCall/ -- Equus Total Return, Inc. (NYSE: EQS) (the "Fund") reports net assets as of June 30, 2007, of $92.1 million, or $11.15 per share.  Comparative data is summarized below:

                          6/30/07       3/31/07       12/31/06      6/30/06
                        -----------   -----------   -----------  -----------
  Net assets            $92,163,028   $92,097,960   $93,235,863  $84,307,330
  Shares outstanding      8,265,829     8,216,899     8,164,249    8,106,365
  Net assets per share  $     11.15   $     11.21   $     11.42  $     10.40


  Significant events for the quarter were as follows:

  -- Alternative Energy.  On June 15, 2007, the Fund announced an investment
     in INFINIA Corporation ("INFINIA").  INFINIA, based in Kennewick, WA,
     is a leading developer of Stirling engine products and technologies
     that exceed life and reliability requirements for critical
     applications.  Along with other Stirling based products, INFINIA is
     focused on commercializing a Stirling power system operating on
     concentrated solar energy for commercial and residential users.

  -- Sports and Leisure.  On June 29, 2007, the Fund announced an investment
     in Nickent Golf, Inc. ("Nickent").  Nickent is a definitive market
     leader in the rapidly growing and expanding, hybrid club segment of the
     golf industry and is an emerging leader in game-enhancement technology.

  -- Portfolio Company.  Riptide Entertainment, LLC is a participant in the
     Times Square Ripley's Believe It or Not! Museum which opened on June
     21, 2007.  The museum, which is franchised by Big Apple Entertainment
     Partners, LLC from Ripley's Attractions, Inc., is located adjacent to
     Madame Tussauds at 234 West 42nd Street in New York City.

  -- Dividend.  On June 25, 2007, in accordance with the Fund's managed
     distribution policy, the Fund paid a $.0125 per share dividend in the
     form of cash and stock.


  The Fund had approximately $37 million in cash at the end of the quarter.



Equus Total Return, Inc. 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 Company'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 Company'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 Company 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 Company or any other person that the events or circumstances described in such statements are material.

Contact:  Brett Chiles

[phone] 

DATASOURCE: Equus Total Return, Inc.



CONTACT:  Brett Chiles of Equus Total Return, Inc., [phone]



Web site:  http://www.equuscap.com/ 

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