Bridgeway Micro-Cap Limited Fund Re-opens to New Investors, Bridgeway Ultra-Small Company Fund to Current Investors.

HOUSTON -- Bridgeway Funds announced today that the Funds' Board of Directors has voted to re-open Bridgeway Micro-Cap Limited Fund (Ticker: BRMCX) to new investors. In addition, the Funds' Board of Directors has voted to re-open Bridgeway Ultra-Small Company Fund (Ticker: BRUSX) to current investors who make subsequent purchases directly from Bridgeway.

"We have limited the assets of these funds in order to ensure both funds have the flexibility to execute their investment strategies effectively," said John Montgomery, founder and portfolio manager of Bridgeway Capital Management, investment adviser to the Bridgeway Funds. "As we have in the past, we will carefully monitor capacity levels of the funds and take steps to limit asset inflows as needed to maintain that flexibility."

Bridgeway Micro-Cap Limited Fund, with $34 million in assets as of September 30, 2008, had been closed to new investors since July 7, 2003, when assets exceeded $55 million. The Fund invests in a diversified portfolio of common stocks of micro-cap companies, generally with market capitalizations between $219 million and $753 million as of September 30, 2008.

Bridgeway Ultra-Small Company Fund, with $81 million in assets as of September 30, 2008, had been closed to all investors since December 10, 2001. The Fund invests in a diversified portfolio of common stocks of ultra-small companies, generally with market capitalizations less than $219 million as of September 30, 2008. The Fund remains closed to new investors and is only available to current shareholders who make subsequent purchases directly from Bridgeway Funds.

About Bridgeway Funds and Bridgeway Capital Management

Bridgeway Funds, Inc., a family of 11 no-load mutual funds, offers investors a range of quantitatively-managed strategies focused in specific market-cap segments, as well as funds designed for aggressive and conservative investors. The investment adviser to the Funds, Bridgeway Capital Management, Inc., was established in Houston in 1993 and manages a total of $4.3 billion in assets for mutual funds, separate accounts, and sub-advised accounts. Bridgeway is committed to a philanthropic mission, donating one-half of its annual after-tax profits to support charitable and non-profit organizations. More information on Bridgeway's investment team and disciplines, each of the Bridgeway Funds, and the firm's charitable efforts, is available at www.bridgeway.com.

There are risks involved with investing in mutual funds, including loss of principal. Market volatility can significantly impact short-term performance. The Funds are not appropriate investments for short-term investors. Investments in small companies generally carry greater risk than is customarily associated with larger companies. This additional risk is attributable to a number of factors, including the relatively limited financial resources that are typically available to small companies, and the fact that small companies often have comparatively limited product lines. In addition, the stock of small companies tends to be more volatile than the stock of large companies, particularly in the short term and particularly in the early stages of an economic or market downturn. Shareholders of the Funds, therefore, are taking on more risk than they would if they invested in the stock market as a whole.

Before investing you should carefully consider a Fund's investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by calling 1-800-661-3550 or visiting the Fund's website at www.bridgeway.com. Please read the prospectus carefully before you invest.

The Funds are distributed by Foreside Fund Services, LLC, which is not affiliated with Bridgeway Capital Management, Inc., or any other affiliate.