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FOR IMMEDIATE
RELEASE
Contact: Irv Bailey
Managing Director
Chrysalis Ventures
502-583-7644
Irv Bailey Elected to NASBIC Board
of Governors
Louisville, KY (November 20,2002)
- Chrysalis Ventures, Kentucky's largest venture capital
firm and a leading source of equity capital for young
growth companies in the Southeast and Midwest, announced
today that one of its managing directors, Irving W.
Bailey, II, has been elected to the board of governors
of the National Association of Small Business Investment
Companies (NASBIC). Mr. Bailey, the former chairman
and CEO of Providian, will assume this responsibility
effective immediately and will serve a two-year term.
According to Mr. Bailey, "I am delighted to join NASBIC's
board of governors and look forward to representing
our region and firm in this forum. NASBIC is an important
voice for the venture capital industry. Joining the
board provides an important opportunity to help guide
the evolution of the industry through a period of
dynamic change."
NASBIC is the professional association for the SBIC
industry and the oldest continuously operating organization
of venture capitalists in the world. Formed just months
after the passage of the Small Business Investment
Act of 1958, NASBIC has played a pivotal role in promoting
the growth and vitality of the industry for more than
40 years.
NASBIC plays a vital role in working closely with
both federal legislators and the Small Business Association
(SBA) on policy and operating issues effecting SBICs.
It has vigorously campaigned for and attained the
requisite federal laws, regulations, policies and
low-cost capital that support SBICs and their ability
to invest long-term debt and equity venture capital
in new and growing small businesses.
Mr. Bailey joins the 30-member board of governors,
elected annually by their peers, which establishes
NASBIC's policies, priorities and working agendas.
These governors are active industry executives who
represent the various types and sizes of SBICs throughout
the country.
Prior to joining Chrysalis Ventures as a managing
director in July 2001, Mr. Bailey had co-invested
with the firm since 1998. From 1988 until its 1997
sale to Aegon NV, Mr. Bailey served as chairman and
CEO of Providian Corp., a Fortune 200 company and
one of the region's largest publicly traded companies.
He presently serves as chairman of Aegon US Corporation,
and as director of Computer Sciences Corporation (CSC),
High Speed Access Corporation (HSAC), Confluent, Inc.
and Zoom Culture, Inc.
About Chrysalis Ventures
Founded in 1993, Chrysalis Ventures is Kentucky's
largest venture capital firm and a leading source
of equity capital for young growth companies in the
Southeast and Midwest. Chrysalis invests primarily
in early-stage and growth-stage companies in the business
services, information technology, media and entertainment,
telecommunications, financial services and healthcare
sectors. For more information, please visit www.chrysalisventures.com.
About NASBIC
Founded in 1958, NASBIC, the National Association
of Small Business Investment Companies, is the professional
association for the Small Business Investment Company
(SBIC) industry and the oldest continuously operating
organization of venture capitalists in the world.
For more information, please visit www.nasbic.com.
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