News Releases

Waterside Capital Corporation Announces New CEO

NORFOLK, VA, March 27, 2007 -- Waterside Capital Corp. (Nasdaq: WSCC), a Small Business Investment Company (SBIC) headquartered here, announced today that long-time banker and community leader Lin Earley will become the company's new CEO, effective April 1, 2007.

Earley joined Waterside in August 2006 and served as a vice president and the business development officer. Prior to that he worked in the banking industry for 37 years, where he excelled in client acquisition, strategic planning, commercial lending, capital solutions, and revenue generation. Earley spent the last 10 years of his career as Bank of America's regional president for the Hampton Roads market.

Early replaces Alan Lindauer as CEO. Lindauer was instrumental in creating the company in 1994. Although he is retiring from fulltime work, Lindauer will remain active in the company as its new chairman. He replaces Peter Meredith, who remains on the board of directors. Martin Speroni, the company's research officer, has been promoted to president.

Earley says the leadership change reflects a renewed effort by Waterside to focus on strategic growth, increase the company's outreach to the business community, and become a regional economic catalyst that helps the economy grow by offering investment capital and strategic business advice that helps expand small businesses and create jobs.

About Waterside Capital
Waterside Capital Corporation is a Small Business Investment Company (SBIC), headquartered in Norfolk, Virginia with a portfolio of approximately $28.3 million of loans and investments in 19 companies located primarily in the Mid-Atlantic region. Waterside Capital’s individual investments range from $750,000 to over $3 million.

David Rourk contact
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