VERO BEACH, Fla. /CitizenWire/ — Second Street Capital, Inc. (SSCI), a publicly traded company, that suffered through the housing and credit crises beginning in 2007, has recently begun the process of recapitalizing and will soon begin operating as a specialty finance company, providing working capital to small and medium size local businesses and entrepreneurs. SSCI is headquartered in Ft. Lauderdale; however, Jack Rodgers, Maria Caldarone, and Laura Camisa all members of the management team will operate from a Vero Beach office.
SSCI is a value oriented lender focused specifically on small to medium sized companies and projects. SSCI helps to facilitate the flow of capital to community based companies in order to support job growth, share prosperity and increase the local tax base.
Jack Rodgers, Executive Vice President, stated today, "We want to promote old fashioned, value oriented investment policies by backing well managed local companies; places where we can eat, shop, watch our investments grow and contribute to the local economy." SSCI will specialize in making revenue participation loans and preferred equity investments from $500 thousand to $10 million for real estate, small business and global trade finance operations.
"We look forward to both, contributing to the local economy directly by operating our company and indirectly, as the result of capitalizing on strong local companies," said Maria Caldarone, also an Executive Vice President with SSCI.
Second Street Capital, Inc., formerly known as Calton, Inc. ("Calton") (CTON.PK / Pink:CTON), announced on November 18, 2011 that it had raised capital in a private placement of common stock. Additionally, SSCI announced that:
* Calton's corporate name has been changed to Second Street Capital, Inc.
* A new Board of Directors and management team has been appointed.
* SSCI's primary business focus will be to operate as a specialty finance company providing asset based lending to small businesses, export trading companies and small and medium sized homebuilders and developers.
SSCI's new Chairman and Chief Executive Officer, Kyle E. Meyer, acquired shares of Calton's outstanding Common Stock pursuant to the private placement. Anthony J. Caldarone, who served as Calton's President and Chief Executive Officer until the completion of the private placement, also purchased shares of Common Stock in the transaction.
SSCI's Board of Directors now consists of Mr. Meyer, Mr. Caldarone, George Henderson and Maria F. Caldarone, who has served as an Executive Vice President of Calton since September 2002 and will continue serving in that capacity. Other members of the management team include Thomas Lunak, who will serve as President and Chief Operating Officer, Jack Rodgers and John Bock, who will serve as Executive Vice Presidents, and Laura Camisa, who has been appointed Chief Financial Officer. Ms. Camisa previously served as Calton's Chief Financial Officer from April 2004 through September 2007.
Additional information: http://secondstreetcap.com .
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