Teton Launches the TETON Westwood Mid-Cap Equity Mutual Fund

Teton Launches the TETON Westwood
Mid-Cap Equity Mutual Fund 

Rye, New York, May 31, 2013 - Teton Advisors, Inc. (OTC Pink:
TETAA) announced today the launch of a new open-end mutual fund: the TETON
Westwood Mid-Cap Equity Fund (WMCEX). The Fund targets high quality companies that
are undervalued by the market and have above-average growth
potential, with market capitalizations between $1 billion to $20 billion.

The
TETON Westwood Mid-Cap Equity Fund will be managed by Lead Portfolio
Manager/Managing Director, Diane M. Wehner, CFA, and Portfolio Manager/Managing
Director, Charles F. Stuart, along with Research Analyst/Senior Vice President,
Mark Gorodinsky, CFA. Ms. Wehner and her team bring to Teton over 60 years of
combined investment experience, including a 6-year collaboration managing
mid-cap equity portfolios at GE Asset Management. The Mid-Cap Equity Team
complements Teton?s existing product offerings, which include small and
micro-cap equity, large-cap equity, balanced and intermediate bond strategies,
under the TETON Westwood brand.

?We
are excited about the launch of the TETON Westwood Mid-Cap Equity Fund, which
is being managed by a world class team,? says Nicholas F. Galluccio, President
& Chief Executive Officer of Teton Advisors, Inc. ?We can now offer this
institutionally managed strategy to the retail investor.?

Teton
is the registered investment adviser to seven open-end mutual funds under the
TETON Westwood brand, along with separately managed accounts. At March 31, 2013,
Teton?s assets under management were $1.4 billion.

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Investors should carefully consider
the investment objectives, risks, charges, and expenses of the Fund before
investing. The prospectus contains information about these and other matters
and should be read carefully before investing. To obtain a prospectus, call
800-WESTWOOD or visit www.tetonadv.com. Distributed by G.distributors, LLC, One
Corporate Center, Rye, NY 10580.

SPECIAL
NOTE REGARDING FORWARD-LOOKING INFORMATION

Our disclosure and analysis in this press
release contain some forward-looking statements. Forward-looking statements
give our current expectations or forecasts of future events. Such statements
are subject to contingencies and uncertainties, some or all of which may be
material. We direct your attention to the cautionary statements regarding
forward-looking information set forth in documents on Teton?s website. We do
not undertake to update publicly any forward-looking statements if we
subsequently learn that we are unlikely to achieve our expectations or if we
receive any additional information relating to the subject matters of our
forward-looking statements.

For further
information, please visit: www.tetonadv.com