Paulson Capital Announces Stockholder Approval of Contemplated Merger With Variation Biotechnologies (US)

Paulson Capital Announces Stockholder Approval of Contemplated Merger With
Variation Biotechnologies (US)

PORTLAND, Ore., July 15, 2014 (GLOBE NEWSWIRE) -- On July 14, 2014, Paulson
Capital (Delaware) Corp. (Nasdaq:PLCC) (the "Company") held a Special Meeting
of Stockholders at which 67.4% of the outstanding shares of the Company's
Common Stock were cast and more than 98% of the votes cast were voted in favor
of each of a group of proposals related to the contemplated merger with
Variation Biotechnologies (US), Inc., a Delaware corporation ("VBI"). The
consummation of the merger remains subject to various conditions, including
the approval by NASDAQ of the initial listing application of VBI and the
approval by the Financial Industry Regulatory Authority ("FINRA") of the
change of control as it pertains to the ownership of Company's operating
subsidiary, Paulson Investment Company LLC ("PIC"), a FINRA-registered
broker-dealer. There can be no assurances that these and other conditions to
the consummation of the merger will be satisfied. One of the proposals the
stockholders approved permits the Company's Board to effect a reverse stock
split of its Common Stock by the ratio required for the price of the Common
Stock on the NASDAQ Capital Market to be at least $4.00 per share at the
closing of the merger.

Trent Davis, the Company's President, stated, "We are very pleased that we
received such overwhelming support for the contemplated merger with VBI. The
merger presents an outstanding opportunity for our stockholders to participate
in the anticipated success of an exciting biotech company with a stellar
platform technology and a proven management team. We hope that the conditions
to closing will be satisfied very soon, at which time each of our
stockholders, as a result of the merger, will own shares in the combined

About Paulson Capital (Delaware) Corp.

Paulson Capital (Delaware) Corp. is a holding company founded in 1970 whose
operating subsidiary, PIC, is a boutique investment banking firm through which
substantially all of Paulson's business has been conducted. PIC has served as
a regional, full-service investment bank, underwriter and placement agent for
small-cap and emerging growth issuers. PIC currently maintains offices in
Portland, San Francisco, and New York. Paulson's shares trade on The NASDAQ
Capital Market under the symbol PLCC. For more information on Paulson, please
visit its Web site at

This press release may contain certain "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995, as amended.
Forward-looking statements are based on management's estimates, assumptions,
and projections, and are subject to uncertainties, many of which are beyond
the control of Paulson. Actual results may differ materially from those
anticipated in any forward-looking statement. Factors that may cause such
differences include the risks that (a) there may be regulatory or litigation
obstacles to completing the merger with VBI, (b) potential products that
appear promising to VBI cannot be shown to be efficacious or safe in
subsequent preclinical or clinical trials, (c) VBI will not obtain appropriate
or necessary governmental approvals to market these or other potential
products, (d) VBI may not be able to obtain anticipated funding for their
development projects or other needed funding, and (e) VBI may not be able to
secure or enforce adequate legal protection, including patent protection, for
its products.

More detailed information about Paulson and risk factors that may affect the
realization of forward-looking statements, including the forward-looking
statements in this press release, is set forth in Paulson's filings with the
Securities and Exchange Commission. Paulson urges investors and security
holders to read those documents free of charge at the Commission's Web site at Interested parties may also obtain those documents free of
charge from Paulson. Forward-looking statements speak only as to the date they
are made, and except for any obligation under the U.S. federal securities
laws, Paulson undertakes no obligation to publicly update any forward-looking
statement as a result of new information, future events or otherwise.

CONTACT: Trent Davis, President
         (503) 243-6000
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