Firsthand Technology Value Fund Discloses Top Portfolio Holdings
August 10 2012 - 9:00AM
Firsthand Technology Value Fund, Inc. (Nasdaq:SVVC) (the "Fund"), a
publicly-traded venture capital fund that invests in technology and
cleantech companies, disclosed today that its top five holdings as
of July 31, 2012 were Facebook, SolarCity, Intevac, Yelp and
Silicon Genesis.
- Facebook, Inc. (Nasdaq:FB) is an online social
networking service with 955 million monthly active users worldwide.
As of July 31, 2012, the Fund's investment in Facebook consisted of
600,000 shares of Class B common stock and represented
approximately 6% of the Fund's estimated gross assets*.
- SolarCity Corp. is a leading installer of
commercial and residential solar photovoltaic systems. As of July
31, 2012, the Fund's investment in SolarCity consisted of 426,300
shares of common stock and represented approximately 3% of the
Fund's estimated gross assets*.
- Intevac, Inc. (Nasdaq:IVAC) produces
manufacturing equipment for the solar photovoltaic and disk drive
industries. As of July 31, 2012, the Fund's investment in Intevac
consisted of 545,156 shares of common stock and represented
approximately 2% of the Fund's estimated gross assets*.
- Yelp, Inc. (NYSE:YELP) operates a social
networking website that allows users to search for and post reviews
of local businesses. As of July 31, 2012, the Fund's investment in
Yelp consisted of 125,000 shares of common stock and represented
approximately 1% of the Fund's estimated gross assets*.
- Silicon Genesis Corp. is a developer of layer
transfer technology for the semiconductor and solar industries. As
of July 31, 2012, the Fund's investment in Silicon Genesis
consisted of approximately 8.5 million shares of preferred and
common stock, various convertible securities, and warrants to
purchase additional common and preferred stock. Silicon Genesis
securities represented approximately 1% of the Fund's estimated
gross assets* as of July 31, 2012.
As of July 31, 2012, the Fund's top five holdings constituted
approximately 13% of the Fund's estimated gross assets*. Complete
financial statements and a detailed schedule of investments for the
period ended June 30, 2012 were filed on Form 10-Q on August 9,
2012 and are available on the Fund's website at
www.firsthandtvf.com.
About Firsthand Technology Value Fund
Firsthand Technology Value Fund, Inc. is a publicly-traded
venture capital fund that invests in technology and cleantech
companies. The Fund currently has 8,556,480 shares outstanding.
More information about the Fund and its holdings can be found
online at www.firsthandtvf.com.
*Estimated gross assets as of July 31, 2012 represent total
assets of $203,437,301 as of June 30, 2012 plus the net change in
unrealized appreciation/depreciation of publicly-traded securities
since June 30, 2012. For the purposes of calculating the percentage
of gross assets represented by each investment, the value of each
holding is determined by the most recent of: (1) the purchase
price, (2) the market value for public securities, less any
discounts taken due to restrictions on the stock, or (3) the June
30, 2012 fair value of each security, as determined by our Board of
Directors. The market values of options or other derivatives of
these securities are omitted from these calculations.
The Fund is a non-diversified, closed-end investment company
that elected to be treated as a business development company under
the Investment Company Act of 1940. The Fund's investment objective
is to seek long-term growth of capital. Under normal circumstances,
the Fund will invest at least 80% of its total assets for
investment purposes in technology and cleantech companies.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press
release contains "forward-looking statements" as defined under the
U.S. federal securities laws. Generally, the words "believe,"
"expect," "intend," "estimate," "anticipate," "project," "will,"
and similar expressions identify forward-looking statements, which
generally are not historical in nature. Forward-looking statements
are subject to certain risks and uncertainties that could cause
actual results to materially differ from the Fund's historical
experience and its present expectations or projections indicated in
any forward-looking statement. These risks include, but are not
limited to, changes in economic and political conditions,
regulatory and legal changes, technology and cleantech industry
risk, valuation risk, non-diversification risk, interest rate risk,
tax risk, and other risks discussed in the Fund's filings with the
SEC. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. The Fund
undertakes no obligation to publicly update or revise any
forward-looking statements made herein. There is no assurance that
the Fund's investment objectives will be attained. We acknowledge
that, notwithstanding the foregoing, the safe harbor for
forward-looking statements under the Private Securities Litigation
Reform Act of 1995 does not apply to investment companies such as
us.
CONTACT: Phil Mosakowski
Firsthand Capital Management, Inc.
(408) 624-9526
vc@firsthandtvf.com
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