Morris Business Development Company announced that Larry Williams has retired as a member of the board of directors as of April 1, 2013 and he will not be re-appointed April 1, 2013. The company announced new independent members and two exiting members of the board of directors, one independent and one dependent were approved by a majority of the shareholders effective on April 1, 2013. Mr. Paul Rademaker, a re-appointed current directors and Mr. Charles Yesson, a past director on temporary retirement have agreed to serve for the next twelve months until April 1, 2014 or until they are succeeded.

Rademaker and Yesson will also serve on the Audit Committees and Mr. Rademaker will the Head the Audit Committee and Valuation Committee for the next twelve months. Dr. George Morris will serve as a non-independent Chairman of the Board of Directors. Mr. Yesson has over 35 years of experience in the financial services industry.

His experience includes 25 years of managing public corporations and 10 years as a consultant to emerging companies. He has worked extensively in the areas of reorganization, growth development and capitalization. His experience includes serving as CEO of several Life Insurance Companies.

He also held positions as a Senior Business Consultant of the Principal Life Insurance Company and for GEICO in Washington, DC. George Morris, Ph.D. is retained by the company shareholders as an interested persona and president of the company. Dr. Morris has been the Chairman of the Board of Directors, principal shareholder, Chief Financial Officer and Secretary of Morris Business Development Company since incorporated.

Dr. Morris returned to assume the duties of President in 2012 to operate the Business Development Company. Dr. Morris is also the President of Apple Realty Inc.