NEW YORK, April 16, 2015 /PRNewswire/ -- Newtek Business Services Corp., (NASDAQ: NEWT), an internally managed business development company ("BDC"), today announced that it has acquired the talent of Mr. Dean Choksi. Mr. Choksi will join Newtek as Treasurer and Senior Vice President of Finance. Mr. Choksi has over 14 years' of experience with financial analysis and equity research and possesses specific expertise in areas of valuation, financial modeling, capital markets and financing.
Most recently, Mr. Choksi was the Executive Director of Finance at Fifth Street Management LLC, an investment advisor of two publicly traded BDCs, where he played a key role in capital market transactions, assisting in the raise of over $1.0 billion in public debt and equity, and was the primary contact for multiple lenders in a multi-hundred million dollar syndicated bank credit facility. Prior to that, he was a Director of U.S. Equity Research at UBS Investment Bank, and the lead analyst covering consumer finance and specialty finance companies, including BDCs. Mr. Choksi also worked in equity research at Barclays Capital and Lehman Brothers, where he co-covered nine companies in several financial services sub-sectors, and at RBC Capital Markets where he followed IT consulting and business services companies. Throughout his career as an equity research analyst, Mr. Choksi built and maintained financial statement models, analyzing and forecasting key operational and financial metrics, and wrote multiple research reports on various financial services, IT consulting and business services companies. Earlier in his career, Mr. Choksi held positions in equity research sales at Wells Fargo Securities and SoundView Technology Group.
Barry Sloane, President, Chairman and Chief Executive Officer of Newtek Business Services Corp. stated, "We are thrilled to have acquired the talent and expertise of Dean Choksi. Through Mr. Choksi's professional experience with senior positions at Fifth Street Management LLC, UBS Investment Bank, and Barclays Capital, he has amassed an extremely well-rounded skill set with expertise in the areas of financial modeling, valuation of companies, capital markets and financing. This skill set combined with his extensive knowledge of BDCs creates a perfect fit with and welcome addition to Newtek's senior management team. As Treasurer and Senior Vice President of Finance, he will work closely with me and our Chief Accounting Officer, Jennifer Eddelson, and will be primarily responsible for the Company's financial model and valuation process, as well as managing the Company's lending relationships and treasurer responsibilities. The addition of Dean is evidence of our growth as a BDC and reinforces our goal of having the best personnel in place to support our continued expansion and success as a BDC."
Mr. Choksi is a graduate of James Madison University with a Bachelor of Business Administration in Finance and Economics. He is also CFA® charterholder.
About Newtek Business Services Corp.
Newtek Business Services Corp., The Small Business Authority®, is an internally managed BDC, which along with its controlled portfolio companies, provides a wide range of business services and financial products under the Newtek® brand to the small- and medium-sized business ("SMB") market. Since 1999, Newtek has provided state-of-the-art, cost-efficient products and services and efficient business strategies to over 100,000 SMB accounts across all 50 States to help them grow their sales, control their expenses and reduce their risk.
Newtek's products and services include: Business Lending, Electronic Payment Processing, Managed Technology Solutions (Cloud Computing), eCommerce, Accounts Receivable Financing, The Secure Gateway, The Newtek Advantage™, Insurance Services, Web Services, Data Backup, Storage and Retrieval and Payroll.
The Small Business Authority® is a registered trade mark of Newtek Business Services Corp., and neither are a part of or endorsed by the U.S. Small Business Administration.
Note Regarding Forward Looking Statements
Statements in this press release including statements regarding Newtek's beliefs, expectations, intentions or strategies for the future may be "forward-looking statements." All forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from the plans, intentions and expectations reflected in or suggested by the forward-looking statements. Such risks and uncertainties include, among others, intensified competition, operating problems and their impact on revenues and profit margins, anticipated future business strategies and financial performance, anticipated future number of customers, business prospects, legislative developments and similar matters. Risk factors, cautionary statements and other conditions, which could cause Newtek's actual results to differ from management's current expectations, are contained in Newtek's filings with the Securities and Exchange Commission and available through www.sec.gov
For more information, please visit the following websites:
Newtek Business Services Corp.
Chairman and CEO
Newtek Business Services Corp.
Contact: Jayne Cavuoto
Telephone: (212) 273-8179 / [email protected]
Contact: Simrita Singh
Telephone: (212) 356-9566 / [email protected]
SOURCE Newtek Business Services Corp.