Bethesda, MD - May 31, 2002 - American Capital Strategies Ltd. (Nasdaq:ACAS) announced today that Adam Blumenthal will resign from the Company effective June 10 in order to take the post of First Deputy Comptroller/Chief Financial Officer of the City of New York. Blumenthal has been Vice Chairman of the company and a member of its board of directors.
Blumenthal's responsibilities will include asset management for the city's $100 billion pension funds, oversight of the city's debt issuance activities, and budget analysis and forecasting.
"Adam joined American Capital in 1989 and has contributed more to this Company than I can enumerate," said Chairman, President and CEO Malon Wilkus. "Adam is one of those unsung heroes who is stepping up to help administer the public trust at an important time. We are happy and proud of Adam for his decision to serve the people, and wish him well."
"Participating in the growth of American Capital, from a small advisory firm to a billion dollar public company, has been a source of great satisfaction to me," said Blumenthal. "The Company has always strived to achieve both the highest standards of corporate responsibility and the greatest level of shareholder returns. While the opportunity to help work through the great challenges confronting New York City in the wake of September 11 is one I cannot pass up, I have great confidence in American Capital's senior management and the deep and well tested investment team that supports them."
American Capital is a publicly traded buyout and mezzanine fund with capital resources exceeding $1 billion. 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. The Company has paid and declared $8.98 per share in dividends since going public in 1997.
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.
