Ameritrans Announces Results of Special Meeting of Shareholders

  
    
  
  
    
      Ameritrans Capital Corporation (NASDAQ: AMTC, AMTCP) today held a 
      special meeting of shareholders whereby the shareholders approved the 
      sale by Ameritrans of assets of the Company pursuant to a loan purchase 
      agreement among the Company, Elk Associates Funding Corp., Medallion 
      Financial Corp. and Medallion Bank.
    
    
      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, middle market corporate 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.
    
    
      This announcement contains forward-looking statements within the 
      meaning of the Private Securities Litigation Reform Act of 1995. Such 
      statements are subject to certain risks and uncertainties that could 
      cause actual results to differ materially from those presently 
      anticipated or projected. Ameritrans Capital Corporation cautions 
      investors not to place undue reliance on forward-looking statements, 
      which speak only as to management's expectations on this date.