BETHESDA, Md., Aug. 18 /PRNewswire/ -- American Capital Strategies, Ltd. (Nasdaq:ACAS) announced today that its Board of Directors has elected the company's President and Chief Executive Officer, Malon Wilkus, to the additional post of Chairman of the Board. The current Chairman of the Board, David Gladstone, was elected Vice Chairman. Mr. Gladstone will continue as a member of the firm's credit committee, approving each investment made by the company and of the Executive Committee of the Board.
These changes reflect Mr. Gladstone's desire to be actively involved in American Security Inc., a company that has recently filed a registration statement in expectation of an initial public offering of Common Stock. Mr. Gladstone will be Chairman and Chief Executive Officer of American Security Inc. A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any State in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such State.
In a statement issued in connection with their action, the Board of Directors observed, ``Malon Wilkus, as the President of American Capital since its founding over 13 years ago, is extremely well qualified to assume the additional post of Chairman, which he held prior to the company's IPO in August of 1997. David Gladstone joined American Capital a little more than a year ago and has made an immeasurably great contribution. We look forward to the benefits of David's wisdom and leadership for many years to come.''
Mr. Wilkus added, ``I look forward to assuming the additional responsibilities at American Capital. However, I am particularly pleased that David Gladstone will continue to be involved in numerous important aspects of the business, including strategic direction and the approval of all new investment transactions.''
