NEW YORK, Dec. 9, 2010 /PRNewswire-FirstCall/ -- On December 9, 2010, Blackhawk Capital Group BDC, Inc. (OTCQB: BHCG), a business development company registered under the Investment Company Act of 1940 ("Blackhawk"), announced that on December 9, 2010 it executed an interim employment agreement with Walter V.E. Parker to serve as President at the Company while the Company conducts its $5,000,000 (maximum) common stock offering under Regulation E of the Securities Act of 1933 ("Offering"). Mr. Parker will assist the Company with selling shares in the Offering and together with Dr. Craig A. Zabala, Chairman and Chief Executive Officer, will conduct the Company's regular business and operations. The term of the Interim Agreement is the first to occur of one year from the execution of the Interim Agreement or 90 days after final closing of the Offering, when the Company will execute a formal employment agreement with the Executive. Mr. Parker stated, "Joining Blackhawk is especially exciting given its internally managed structure, which should enhance shareholder appeal, and its approach to and focus on a select set of business opportunities offering excellent growth potential."
Mr. Parker ("Van") has extensive experience in finance, early stage capital and corporate development. He served as a founding principal of the Sippican Group, LLC, a management consulting firm dealing with closely held and troubled businesses. Mr. Parker's previous experience also includes serving as a Managing Director with Claymore Partners, Inc., a long-standing management advisory firm addressing the needs of troubled businesses; and with the Corporate Finance Division of Xerox Credit Corporation, where he served as Vice President and Senior Credit Officer and was also responsible for commercial finance portfolio workouts. Earlier, he served with the Project and Lease Finance Group of Kidder Peabody & Co., where he focused on energy transactions and debtor advisories. Previous experience at Manufacturer's Hanover Trust included responsibilities for commercial real estate, REITs and other selected non- performing assets. Mr. Parker has also formerly served as an Independent Director and Chairman of the Audit Committee for Prospect Capital Corporation, a $832 million asset (6-30-10) mezzanine debt and private equity firm, which is a publicly-traded, closed-end, dividend-focused investment company operating as a business development company (PSEC). Mr. Parker's service as an Independent Director for Prospect began with the company's first IPO.
Mr. Parker is a graduate of the Xerox Advanced Management School. He received his MBA from the Graduate School of Business, Columbia University, where he received honors ratings for course work in banking and finance, and received a Bachelor of Arts degree in political science from Colgate University.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any security. The securities are being offered pursuant to an offering circular filed with the Securities and Exchange Commission pursuant to Regulation E under the Securities Act of 1933. The securities have not been registered under any state securities laws. Neither the Securities and Exchange Commission nor any state securities commission has in any way passed upon the merits of, or given approval to, guaranteed or recommended the securities offered by Blackhawk or the terms of the offering or has determined that the securities are exempt from registration, or made any finding that the statements in the offering circular are accurate or complete.
Blackhawk is a business development company registered under the Investment Company Act of 1940 and was formed in April 2004.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995. The matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. Further information on Blackhawk's risk factors is contained in Blackhawk's quarterly and annual reports filed with the Securities and Exchange Commission.
Blackhawk Capital Group BDC, Inc.
Dr. Craig A. Zabala
Chairman and Chief Executive Officer
SOURCE Blackhawk Capital Group BDC, Inc.