BALTIMORE, MARYLAND, October 28, 2003 -- The Adams Express Company and Petroleum & Resources Corporation, the closed-end investment companies, today announced that Phyllis O. Bonanno and Kathleen T. McGahran have been named to their Boards of Directors, effective November 1, 2003.
Ms Bonanno is the President and CEO of International Trade Solutions, Inc., an international trade consulting firm in Washington, D.C. Previously, she was President of Columbia College in Columbia, South Carolina, a Vice President of Warnaco Inc. (the apparel manufacturing company), and she has held a number of government appointments in public policy, particularly in U.S. and international trade affairs. A graduate of the University of Connecticut, Ms. Bonanno was awarded an Honorary Doctorate of Humane Letters by Rosemont College. She also sits on the Board of Directors for BorgWarner Inc., The Canadian-American Business Council, and the Board of Advisors for APTE, Inc.
Dr. McGahran is a Principal & Director of Pelham Associates, Inc., which designs and provides executive education curricula to Columbia University’s Executive Education department and to an impressive list of large financial, insurance, academic and media-related institutions. Dr. McGahran holds a Ph. D. in Accounting and Finance from NYU, a Masters in Business Administration from Iona College, a J.D. from Fordham University, and received her undergraduate degree from Marymount College. She maintains her C.P.A. and is a member of the New York and New Jersey Bars.
“We are delighted to welcome both Ms. Bonanno and Dr. McGahran as board members for our two funds. Ms. Bonanno’s extensive experience in international trade and Dr. McGahran’s impressive commitment to elite educational curricula for large corporations and accounting experience will bring tremendous contributions to our boards”, says Doug Ober, Chairman & CEO of Adams Express and Petroleum & Resources.
The Adams Express Company [ADX] and its non-controlled affiliate, Petroleum & Resources Corporation [PEO], are Baltimore-based closed-end investment companies. They are listed on the New York Stock Exchange and Pacific Exchange.
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For further information, please contact:
Lawrence L. Hooper, Jr., Vice President, Secretary & General Counsel
(410) 752-5900 or (800) 638-2479
E-mail: contact@adamsexpress.com
Website: www.adamsexpress.com
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