NEWS

Malon Wilkus, Chairman, President and CEO (301) 951-6122
Adam Blumenthal, President, COO (212) 213-2009
John Erickson, Chief Financial Officer (301) 951-6122

Bethesda, MD -- American Capital Strategies, Ltd. (Nasdaq:ACAS) a buyout and mezzanine fund, announced today that its portfolio company o2wireless Solutions, Inc., (Nasdaq:OTWO) formerly Clear Holdings, Inc., has completed an initial public offering of 6.1 million shares of common stock at a price of $12.00 per share. Atlanta-based o2wireless provides a full range of network services to all sectors of the global wireless telecommunications industry. American Capital has provided $17.5 million of mezzanine capital to o2wireless' subsidiary, Clear Communications Group, including $4.5 million in unfunded commitments, and owns warrants to purchase approximately 2.5 million shares of o2wireless' common stock, on a fully diluted basis.

American Capital is a publicly traded buyout and mezzanine fund. ACAS acts as an equity partner in management and employee buyout transactions; purchases debt and equity in support of companies led by private equity firms; and makes direct investments in private and small public companies. American Capital funds growth, acquisitions and recapitalizations.

This announcement is neither an offer to sell nor a solicitation of offers to buy securities. Such an offer or solicitation may be made by prospectus only.

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.