Morris Business Development Company announced that on March 22, 2012, Charles Yesson notified the Board Chairman orally and confirmed in writing on March 27, 2012, his resignation without cause from the Board and Audit Committee responsibilities effective March 27, 2012. Mr. Yesson's resignation was a personal decision related to a change in his activities and he preferred resignation to termination and his decision was not the result of any disagreement with the Company or any matter relating to the Company's operations, policies or practices. On March 20, 2012 two new members of the Board were approved by a majority of the shareholders effective their mutual acceptance which occurred on March 20, 2012 for Mr. Rademaker and March 22, 2012 for Mr. Traylor. The new Directors agreed to serve as Directors for the next twelve until March 27, 2013 or until each or both are succeeded, duly elected and qualified. Mr. Rademaker will also serve as the Head of the Valuation Committee and the existing Board Member Mr. Lawrence Williams will serve as Head of the Audit for the next twelve months with Mr. Yesson's resignation.