NEW YORK, NY — (MARKET WIRE) — 10/03/08 — Prospect Capital Corporation(NASDAQ: PSEC) (“Prospect” or “Company”) announced today that Brian H.Oswald has been promoted to Chief Financial Officer and Treasurer as ofNovember 11, 2008, and Chief Compliance Officer and Secretary as of October1, 2008.
“As our business needs have grown, promoting Brian to the CFO and CCO rolesis a natural evolution that has been in the works for some time, given thefull-time demands of these responsibilities,” said John F. Barry, Chairmanand Chief Executive Officer of the Company. “We are delighted to bepromoting Brian while maintaining continuity of the Vastardisrelationship.”
Mr. Oswald joined Prospect Administration earlier this year. Prior tojoining Prospect, Mr. Oswald spent two years with the Structured FinanceDivision of GSC Group, serving as Managing Director of Finance for thisasset management company. At GSC, Mr. Oswald managed the finances for aREIT, two hedge funds and thirteen CDOs.
From 2003 to 2005, Mr. Oswald led Capital Trust, Inc., a self-managedfinance and investment management REIT which specializes incredit-sensitive structured financial products, as Chief Financial Officer.From 1997 to 2003, he served as Chief Accounting Officer for Capital Trust.During his tenure with Capital Trust, the company completed a significantpublic offering, which recapitalized the company, and raised three privateequity funds with commitments in excess of $1.5 billion.
Mr. Oswald began his career at KPMG Peat Marwick, where he held variouspositions over his ten-year tenure, finishing as a Senior Manager in thefinancial institutions group. During his time at KPMG, he served as thereviewing senior manager for several initial public offerings of financialinstitutions.
After KPMG, Mr. Oswald served as the Executive Vice President and Presidentof Gloversville Federal Savings and Loan Association, served as theDirector of Financial Reporting and Subsidiary Accounting for River BankAmerica and served as the Corporate Controller for Magic Solutions, Inc. Ineach of these positions, Mr. Oswald instituted significant operationalchanges and was instrumental in raising additional equity for River BankAmerica.
Mr. Oswald holds a B.A. degree in Accounting from Moravian College. He is alicensed Certified Public Accountant in the States of New York andPennsylvania, and is a Certified Management Accountant. Mr. Oswald alsoserves as a board member of RMJ Laboratories, Inc.
Mr. Oswald replaces Mr. William E. Vastardis, whose Vastardis Fund ServicesLLC continues as a Sub-Administrator providing accounting andadministrative services to the Company.
“Brian and I have been planning this transition of corporate titles forawhile, and we expect the transition to be a seamless one, especially sincewe will continue to provide financial services to Prospect,” said Mr.Vastardis.
ABOUT PROSPECT CAPITAL CORPORATION
Prospect Capital Corporation (www.prospectstreet.com/) is a closed-endinvestment company that lends to and invests in private and microcap publicbusinesses. Prospect Capital’s investment objective is to generate bothcurrent income and capital appreciation through debt and equityinvestments.
Prospect Capital has elected to be treated as a business developmentcompany under the Investment Company Act of 1940 (“1940 Act”). We arerequired to comply with a series of regulatory requirements under the 1940Act as well as applicable NASDAQ, federal and state laws and regulations.We have elected to be treated as a regulated investment company under theInternal Revenue Code of 1986. Failure to comply with any of the laws andregulations that apply to Prospect Capital could have a material adverseeffect on Prospect Capital and its shareholders.
This press release contains forward-looking statements within the meaningof the Private Securities Litigation Reform Act of 1995. Any suchstatements, other than statements of historical fact, are likely to beaffected by other unknowable future events and conditions, includingelements of the future that are or are not under the Company’s control, andthat the Company may or may not have considered; accordingly, suchstatements cannot be guarantees or assurances of any aspect of futureperformance. Actual developments and results are highly likely to varymaterially from these estimates and projections of the future. Suchstatements speak only as of the time when made, and the Company undertakesno obligation to update any such statement now or in the future.
Please send investment proposals to:Grier EliasekPresident and Chief Operating OfficerEmail Contact(212) 448-9577