Ameritrans Capital (CE) (USOTC:AMTPQ)
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From Jan 2020 to Jan 2025
Ameritrans Capital Corporation (NASDAQ: AMTC, AMTCP) today announced
that it closed on the sale of substantially all of the Company’s
taxicab medallion loans to Medallion Financial Corp. and its
wholly-owned subsidiary Medallion Bank.
Ameritrans utilized substantially all of the net proceeds from this
transaction to fully pay down its existing bank indebtedness. Subsequent
to the sale, the Company has no short term indebtedness and assets of
approximately $31 million or $9.10 per common share. As of June 30,
2008, Ameritrans’ net asset value per share
was $5.06. The Company’s portfolio is
currently funded through a combination of shareholders’
equity and SBA guaranteed debentures. The Company intends to pursue its
strategy of repositioning and growing its portfolio by further building
its portfolio of corporate loans.
“We are delighted to close the sale of our
medallion portfolio,” said Michael Feinsod,
Chief Executive Officer and President of Ameritrans. “This
transaction simplifies our operating model and allows the Company to
continue to expand our senior-secured, middle market corporate loan
portfolio. The retirement of our existing bank debt allows the Company
to actively pursue our corporate loan strategy. Given the continued
dislocation in the credit markets, we continue to see excellent
opportunities to grow the portfolio and generate attractive risk
adjusted returns for our shareholders.”
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 secured business loans
and selected equity investments. Ameritrans' wholly owned subsidiary Elk
Associates Funding Corporation is licensed by the United States Small
Business Administration as a Small Business Investment Company (SBIC).
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.