Bethesda, MD -- American Capital Strategies, Ltd. (Nasdaq:ACAS) stockholders re-elected three directors of the Company and approved each of the other matters presented to the stockholders at the Company's annual meeting Wednesday. Among the matters approved were changes to the Company's fundamental policies so as to permit the operation of American Capital's Directed Share Subscription Program.
Philip R. Harper, Stephen P. Walko and Malon Wilkus were re-elected to three year terms on the American Capital board of directors. Harper is Chairman, CEO and President of US Investigations Services, Inc., a private investigations company. Walko is President, CEO and a Director of Decorative Surfaces International, Inc., a manufacturer of wall covers and laminates. Wilkus founded American Capital in 1986 and is now Chairman and CEO.
The amendment to the Company's fundamental policies permits the Company to act as an underwriter in circumstances associated with American Capital's Directed Share Subscription Program. Under the subscription program, Company stockholders may be allowed to participate in certain initial public offerings by American Capital portfolio companies.
Stockholders also approved several other measures under consideration, including: the Company's new employee stock option plan and new disinterested directors stock option plan; an amendment to the Company's certificate of incorporation extending mandatory indemnification rights to the Company's employees, and limiting the exculpation from liability of directors to the Company or its stockholders in certain circumstances; and the ratification of Ernest & Young LLP as independent auditors.
American Capital's proxy statement, filed with the Securities and Exchange Commission on April 4, 2000, contains a more complete explanation of the matters approved.
American Capital is a publicly traded buyout and mezzanine fund. American Capital is an equity partner in management and employee buyouts; invests in debt and equity of companies led by private equity firms, and provides capital directly to private and small public companies. American Capital funds growth, acquisitions and recapitalizations.
Companies interested in learning more about American Capital's flexible financing and ability to provide senior debt, subordinated debt and equity should contact Mark Opel, Principal, at (800) 248-9340, or visit our website.
Capital.com, Inc., a portfolio company of American Capital Strategies, Ltd. (Nasdaq:ACAS), is a business finance portal where premier financing sources compete to provide receivable and inventory financing, machinery and equipment loans and leasing, real estate and construction financing, subordinated debt and equity financing for growth, acquisitions, management buyouts, liquidity, recapitalizations, ESOP transactions and SBA loans. Companies in need of financing or information about financial services should contact Capital.com at info@Capital.com, or call Harry Kelly, vice president, at (646) 935-1100.
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The statements regarding expected results of American Capital Strategies are subject to various factors and uncertainties, including the uncertainties associated with the timing of transaction closings, changes in interest rates, availability of transactions, changes in regional or national economic conditions, or changes in the conditions of the industries in which American Capital has made investments.
