Bethesda, MD -- American Capital Strategies Ltd. (Nasdaq:ACAS) announced today that David Gladstone has resigned from the Company's Board of Directors. He was Vice-Chairman of the Board.
Mr. Gladstone is leaving to pursue the development of a business providing senior loans to middle market companies.
"We are excited about David's new business, which will specialize in senior cash flow lending, capital that is currently difficult to raise in today's lending environment. We plan to enter discussions with David to explore potential strategic benefits to working with his new enterprise," said Malon Wilkus, American Capital Chairman, President and CEO. "These strategic benefits may include business referrals and co-investment opportunities. Unfortunately, David is restricted from being on our board if he or his new business were to invest along side American Capital. Accordingly, David has decided to step down from his American Capital responsibilities so that both companies can work at arms length to negotiate a strategic agreement that will benefit our shareholders. We will miss David's board participation and thank him for his years of outstanding contributions to American Capital. We hope to continue to have access to his wisdom and counsel. We wish him well."
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.This press release contains forward-looking statements. 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.
This press release is neither an offer to sell nor a solicitation of an offer to buy shares of any entity. Such an offer is made by prospectus only.
