Firsthand Technology Value Fund Discloses Preliminary NAV of $27.43 Per Share as of March 31, 2014
April 17 2014 - 1:01PM
Firsthand Technology Value Fund, Inc. (Nasdaq:SVVC) (the "Fund"), a
publicly-traded venture capital fund that invests in technology and
cleantech companies, today disclosed its preliminary net asset
value (NAV) of $27.43 per share, as of March 31, 2014.
The Fund also announced that its top five holdings as of March
31, 2014, were Twitter, Facebook, IntraOp Medical, Turn, and
AliphCom.
- Twitter, Inc. (NYSE:TWTR) is an online social
networking service that lets users send and receive 140-character
messages ("tweets"). As of March 31, 2014, the Fund's investment in
Twitter consisted of 1,006,200 shares of common stock and
represented approximately 17.0% of the Fund's preliminary net
assets.
- Facebook, Inc. (Nasdaq:FB) is an online social
networking service with more than 1 billion monthly active users
worldwide. As of March 31, 2014, the Fund's investment in Facebook
consisted of 600,000 shares of common stock and represented
approximately 14.5% of the Fund's preliminary net assets.
- IntraOp Medical, Inc. is the manufacturer of
the Mobetron, a medical device that is used to deliver
intra-operative radiation to cancer patients. As of March 31, 2014,
the Fund's investment in IntraOp consisted of 20,300,000 shares of
preferred stock and a debt security representing approximately 9.4%
of the Fund's preliminary net assets.
- Turn Inc. is a leading provider of advertising
technology to Fortune 1000 marketers and their agencies. As of
March 31, 2014, the Fund's investment in Turn consisted of
1,798,562 shares of preferred stock and represented approximately
6.0% of the Fund's preliminary net assets.
- AliphCom, Inc. designs and markets wearable
technology and audio devices under the Jawbone brand. As of March
31, 2014, the Fund's investment in AliphCom consisted of 2,128,005
shares of common stock and represented approximately 4.1% of the
Fund's preliminary net assets.
The Fund's preliminary net assets as of March 31, 2014 also
include cash of approximately $5.97 per share. As of that date, the
Fund's top five holdings constituted 51.0% of the Fund's
preliminary net assets. Complete financial statements and a
detailed schedule of investments will be made available with the
Fund's quarterly report filing on Form 10-Q in May 2014.
About Firsthand Technology Value Fund
Firsthand Technology Value Fund, Inc. is a publicly-traded
venture capital fund that invests in technology and cleantech
companies. More information about the Fund and its holdings can be
found online at www.firsthandtvf.com.
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: Heather Hohlowski
Firsthand Capital Management, Inc.
(408) 624-9525
vc@firsthandtvf.com
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