CEDAR RAPIDS, Iowa, Feb. 28 /PRNewswire-FirstCall/ -- At the annual meeting of shareholders on February 28, 2006, the shareholders of MACC Private Equities Inc. re-elected five current directors to MACC's Board of Directors for one-year terms: Michael Dunn, Benjamin Jiaravanon, Jasja Kotterman, Gordon Roth and Geoffrey Woolley. As discussed in MACC's proxy statement for this meeting, the size of the board was reduced effective today from seven to five members. Two members of the prior Board, Paul Bass and Martin Walton, did not stand for re-election.
Geoffrey Woolley, Chairman of the Board, said, "MACC greatly appreciates the long and dedicated service of Paul Bass, who has elected to retire following service as a director since 1994 and for ten years as Chairman of the Board. We also greatly appreciate Martin Walton's work as a director since 2004, and are sorry that his recent re-location to Europe has led to his decision not to seek re-election." David Schroder, MACC's President, added: "We are particularly indebted to Paul for his steady leadership through the years and, on behalf of management and as a shareholder, I add our thanks to Paul and Martin for their many contributions to the company."
The shareholders also ratified the appointment of KPMG LLP as independent auditors for MACC for the fiscal year ending September 30, 2006.
MACC is a business development company with a portfolio of investments in small businesses in the United States held through its wholly-owned subsidiary, MorAmerica Capital Corporation, a small business investment company. MorAmerica Capital Corporation is the country's third oldest operating SBIC, licensed in 1959. MACC common stock is traded on The Nasdaq Capital Market under the symbol "MACC."
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