ARLINGTON, Va., April 10 /PRNewswire-FirstCall/ -- MCG Capital Corporation (Nasdaq: MCGC) (the "Company") announced today that Richard W. Neu had been elected as Chairman of the Company's Board of Directors. Mr. Neu has been a member of MCG's Board since November 2007. Previously, he served as a director of Charter One Financial, Inc. for 12 years and as Charter One's Chief Financial Officer and Treasurer for 19 years. In addition, Board member Edward S. Civera tendered his resignation effective April 7, 2009.
"I am looking forward to assuming this new role as part of my continued service to MCG," said Mr. Neu. "I would like to thank Jeff Bucher for his strong leadership as Chair for the past two years. I look forward to continuing to serve with Jeff on the Board. I would also like to extend my sincere appreciation to Ed for his dedication to MCG over the last several years. Ed made significant contributions during his tenure, and his guidance has been invaluable."
"I would also like to thank Ed for his service to the Company," said MCG's President and Chief Executive Officer Steven F. Tunney. "We are extremely pleased to have someone of Mr. Neu's caliber in the role of Chairman, and I look forward to working closely with him in his new capacity. His capital markets experience and knowledge of the financial services sector will be valuable assets as we continue to execute our strategies for enhancing shareholder value."
About MCG Capital Corporation
MCG Capital Corporation is a solutions-focused commercial finance company providing capital and advisory services to middle-market companies throughout the United States. Our investment objective is to achieve current income and capital gains. Our capital is generally used by our portfolio companies to finance acquisitions, recapitalizations, buyouts, organic growth and working capital. For more information, please visit www.mcgcapital.com.
Forward-looking Statements:
Statements in this press release regarding management's future expectations, beliefs, intentions, goals, strategies, plans or prospects, including statements relating to MCG Capital's ability to execute on strategies to increase shareholder value may constitute forward-looking statements for purposes of the safe harbor protection under applicable securities laws. Forward-looking statements can be identified by terminology such as "anticipate," "believe," "could," "could increase the likelihood," "estimate," "expect," "intend," "is planned," "may," "should," "will," "will enable," "would be expected," "look forward," "may provide," "would" or similar terms, variations of such terms or the negative of those terms. Such forward-looking statements involve known and unknown risks, uncertainties and other factors including those risks, uncertainties and factors referred to in MCG Capital's Annual Report on Form 10-K for the year ended December 31, 2008 filed with the Securities and Exchange Commission under the section "Risk Factors," as well as other documents that may be filed by MCG Capital from time to time with the Securities and Exchange Commission. As a result of such risks, uncertainties and factors, actual results may differ materially from any future results, performance or achievements discussed in or implied by the forward-looking statements contained herein. MCG Capital is providing the information in this press release as of this date and assumes no obligations to update the information included in this press release or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE MCG Capital Corporation
