Ameritrans Capital Corporation Announces Michael Feinsod Appointed Chief Executive Officer
October 10 2008 - 4:15PM
Business Wire
Ameritrans Capital Corporation, (NASDAQ: AMTC, AMTCP), today
announced that its board of directors appointed Michael Feinsod
Chief Executive Officer, in addition to his duties as President,
effective October 10, 2008. As part of the management change, Gary
C. Granoff will step down as Chief Executive Officer and take the
title of Managing Director, while continuing as Ameritrans�
Chairman of the Board and Chief Financial Officer. Mr. Granoff has
served as Ameritrans' Chairman since its founding. Mr. Feinsod said
�I am pleased to take on this added responsibility. It is with
great appreciation that I accept the position and look forward to
continuing the transformation of Ameritrans into a premier business
development company. As we face the current challenges in financial
markets, there is a premium on solid underwriting, risk management,
and a focus on core lending principles. Ameritrans has built a
business plan based on these principles.� The Company's management
further stated, �On behalf of the entire Ameritrans Board, we thank
Gary Granoff for his hard work and dedication to Ameritrans. Gary
has grown the Company since inception and hands over a firm that is
on solid financial footing and poised for future growth.� Mr.
Granoff said, �I'm extremely proud of my tenure at Ameritrans. In
1980, we set out to build the Company into a premier niche lender
in the taxicab medallion business. I am happy to say we
accomplished that goal and now look forward to the expansion of the
Company�s new area of focus. I look forward to remaining as
Chairman of the Board and as an active member of management over
the coming years. I have great confidence in Michael�s leadership
abilities and look forward to the successful execution of the
strategy. Ameritrans has a 28 year history of portfolio growth
through secured lending. Important facts worth noting: Ameritrans�
net asset value per share, as of June 30, 2008, was $5.06. As of
September 30, 2008, our portfolio continued to perform with record
low delinquencies. As of September 30, 2008, Ameritrans had
approximately $57.6 million of total loans receivable. Adjusted for
the anticipated sale of our medallion portfolio, on a pro forma
basis, Ameritrans will have approximately $30.1 million of total
loans receivable outstanding. As of September, 30, 2008, Ameritrans
had approximately $12.5 million in corporate loans, a 9% increase
over the previous quarter. All corporate loans are performing.
Ameritrans has implemented various internal processes to reduce
risk in recent months. Ameritrans owns no synthetic securities with
its portfolio comprised of over 75% in first lien loans. As of
September 30, 2008, Ameritrans had approximately $41 million in
total debt, including $12 million of SBA Subordinated Debentures.
We expect to pay down all of the Company�s existing bank debt with
the proceeds from our medallion sale. We are exploring new
relationships for the financing of our corporate loan strategy.
Ameritrans recently announced the first quarter dividend on its 9
3/8 participating preferred stock. The Company has paid all
dividends due on the preferred stock since its issuance. �I am
confident that this change will enhance future performance as we
intensify our focus on the corporate loan strategy and
conservatively manage our balance sheet,� Mr. Feinsod concluded.
Mr. Feinsod becomes CEO after approximately two years as President
of Ameritrans and Senior Vice President of Elk Associates Funding
Corporation, the company�s wholly-owned SBIC subsidiary. Since
1999, Mr. Feinsod has been Managing Member of Infinity Capital,
LLC, an investment management company. Mr. Feinsod earned a BA from
George Washington University and a JD from Fordham University
School of Law. ABOUT AMERITRANS CAPITAL CORPORATION Ameritrans
Capital Corporation is an internally managed, closed-end investment
company that has elected to be regulated as a business development
company (�BDC�) under the Investment Company Act of 1940, as
amended. Ameritrans originates, structures and manages a portfolio
of medallion loans, secured business loans and selected equity
securities. Ameritrans' wholly owned subsidiary Elk Associates
Funding Corporation is licensed by the United States Small Business
Administration as a Small Business Investment Company (SBIC) in
1980. The Company maintains its offices at 747 Third Avenue, 4th
Floor, New York, NY 10017. FORWARD-LOOKING STATEMENTS Statements
included herein may constitute �forward-looking statements,� which
relate to future events or our future performance or financial
condition. These statements are not guarantees of future
performance, conditions or results and involve a number of risks
and uncertainties. Actual results and conditions may differ
materially from those in the forward-looking statements as a result
of a number of factors, including those described from time to time
in our filings with the Securities and Exchange Commission.
Ameritrans Capital undertakes no duty to update any forward-looking
statements made herein.
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