MIAMI, FL -- (Marketwire) -- 07/01/10 -- The Herzfeld Caribbean Basin Fund (NASDAQ: CUBA) announced the appointment of Ted S. Williams as an independent director to the Fund's Board of Directors.
Mr. Williams brings expertise in the field of closed-end funds, knowledge of Caribbean investments and 24 years of experience in the securities industry to the Board. As part of his role as an independent director, he has also been appointed to the Fund's Nominating Committee and Audit Committee.
As noted in the May 25, 2010 press release, the addition of Mr. Williams expands the Board to five members, four independent and one interested director. The Board feels that the new composition will allow greater flexibility for board members to serve on the various committees as required by new regulations enacted over the past several years. Mr. Williams' appointment to the audit committee also satisfies the NASDAQ Listing Rule 5605(c) (2)(A) requirement that the audit committee be composed of three independent members.
Mr. Williams was a Vice President of Thomas J. Herzfeld Advisors, Inc. and its affiliated stock brokerage firm, Thomas J. Herzfeld & Co., Inc. between 1991 and 2007. He also served as an interested director of The Herzfeld Caribbean Basin Fund, Inc. from 1997 to 1998, resigning during 1998 in order to maintain the appropriate ratio of interested to independent directors. Prior to joining Thomas J. Herzfeld Advisors, Inc., Mr. Williams spent five years on the floor of the New York Stock Exchange as a specialist, and was personally a member of the exchange until it went public in 2006. He resigned from Thomas J. Herzfeld Advisors, Inc. and Thomas J. Herzfeld & Co., Inc. on June 28, 2007. Mr. Williams is 48 years old.
The Herzfeld Caribbean Basin Fund, Inc. is a closed-end fund managed by HERZFELD/CUBA, a division of Thomas J. Herzfeld Advisors, Inc. The Fund seeks long-term capital appreciation. To achieve its objective the Fund invests in issuers that are likely, in the Advisor's view, to benefit from economic, political, structural and technological developments in the countries in the Caribbean Basin, which the Fund considers to include Cuba, Jamaica, Trinidad and Tobago, the Bahamas, the Dominican Republic, Barbados, Aruba, Haiti, the Netherlands Antilles, the Commonwealth of Puerto Rico, Mexico, Honduras, Guatemala, Belize, Costa Rica, Panama, Colombia, Venezuela and the United States.
Thomas J. Herzfeld Advisors, Inc. specializes in the field of closed-end funds. Information about the advisor and the Fund can be found at www.herzfeld.com. Information about research published by Thomas J. Herzfeld Advisors, Inc. is available at www.herzfeldresearch.com.
For further information contact:
Cecilia L. Gondor
Thomas J. Herzfeld Advisors, Inc.
PO Box 161465
Miami, FL 33116
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