BETHESDA, Md., May 29 /PRNewswire/ -- American Capital Strategies, Ltd. (Nasdaq:ACAS) announced today that Board of Director's Member Robert L. Allbritton, has been promoted from Executive Vice President and Chief Operating Officer to President of Allbritton Communications Company. Allbritton Communications Company and its affiliates own and operate eight ABC-affiliated stations in such markets as Washington, D.C., Jacksonville, Florida and Harrisburg, Pennsylvania. An Allbritton Communications Company affiliate also owns, operates and provides a local 24-hour news cable programming service in the Washington, D.C., metropolitan area.
Mr. Allbritton was elected in August 1997 to the Board of Directors of American Capital Strategies prior to the Company's initial public offering of Common Stock. He also serves on American Capital's Audit Committee.
``Robert is familiar with the role and responsibilities of Board memberships. He has spent the past several years as a Director for Allbritton Communications Company and simultaneously serves as a member of the Board of Directors of Riggs National Corporation [Nasdaq: RIGS]. I am confident that his expertise will contribute to the success of American Capital Strategies as we continue to grow and flourish under our current plan,'' commented Malon Wilkus, President and CEO of American Capital.
``I am excited about the future of ACS. I am happy to be associated with a company that has demonstrated such success in a short period of time,'' said Allbritton.
A native of Houston, Texas, Robert L. Allbritton is a graduate of Wesleyan University where he majored in government and is also a licensed pilot.
