NEW YORK, NY — (MARKET WIRE) — 07/20/06 — Prospect Energy Corporation(NASDAQ: PSEC) (“Prospect”) announced today that William J. Gremp hasjoined Prospect’s Board of Directors.
“We are delighted to have recruited Bill Gremp to our Board of Directors,”said John Barry, Chairman and Chief Executive Officer of Prospect. “WithBill’s track record, spanning many years of senior management experience inthe energy and finance communities, and his well known ability tocommunicate our message, I cannot think of anyone who can make a greatercontribution right now.”
Mr. Gremp’s career as an investment banker, with over 30 years of corporatefinance experience in originating and executing transactions and advisoryassignments for energy and utility related clients, has spanned years ofsignificant change in the energy industry. Since 1999, Mr. Gremp has beenresponsible for traditional banking services, credit and lending, privateequity and corporate cash management with Merrill Lynch & Co. From 1996 to1999, he served at Wachovia as senior vice president, managing director andco-founder of the utilities and energy investment banking group,responsible for origination, structuring, negotiation and successfulcompletion of transactions utilizing investment banking, capital marketsand traditional commercial banking products. From 1989 to 1996, Mr. Grempwas the managing director of global power and project finance at JPMorganChase & Co., where he was responsible for the origination, delivery andsuccessful implementation of all corporate finance and investment bankingproducts and services to the utility and energy industries. He advisedclients on corporate strategy, project financing, mergers and acquisitionsand equity and lease finance. From 1970 to 1989, Mr. Gremp was with MerrillLynch & Co., starting out as an associate in the mergers and acquisitionsdepartment, then in 1986 becoming the senior vice president, managingdirector and head of the regulated industries group. From 1965 to 1970, Mr.Gremp served in roles at the United States Army, the Mobil Oil Corporationand a New York management consulting firm. Mr. Gremp received his MBA fromNew York University and his Bachelor of Science degree from the Universityof Minnesota.
ABOUT PROSPECT ENERGY CORPORATION
Prospect Energy Corporation (www.prospectenergy.com) is a closed-endinvestment company that lends to and invests in energy-related businesses.Prospect Energy’s investment objective is to generate both current incomeand long-term capital appreciation through debt and equity investments.
Prospect Energy has elected to be treated as a business development companyunder the Investment Company Act of 1940 (“1940 Act”). We are required tocomply with a series of regulatory requirements under the 1940 Act as wellas applicable NASDAQ, federal and state rules and regulations. We haveelected to be treated as a regulated investment company under the InternalRevenue Code of 1986. Failure to comply with any of the laws andregulations that apply to Prospect Energy could have an adverse effect onProspect Energy 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 highly likely tobe affected 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:Prospect Energy CorporationJohn BarryChairman and Chief Executive Officerjbarry@prospectstreet.comGrier EliasekPresident and Chief Operating Officergrier@prospectstreet.com(212) 448-0702