Rand Capital Announces First Quarter Results and Election of Directors and Officers
May 12 2010 - 9:47AM
-
Net Asset Value is $3.30 per share for the
quarter ending March 31, 2010
-
Four follow-on investments totaling
$1,055,000
Rand Capital Corporation (Nasdaq:RAND) ("Rand"), a business
development company (BDC) that provides capital and managerial
expertise for small to medium-sized private companies, announced
its financial results for the first quarter ended March 31, 2010
highlighting a net asset value of $3.30 per share, a decrease of
($0.10) from December 31, 2009. At the end of the first
quarter, Rand's total investment portfolio was valued at $24.6
million, which exceeds its cost basis of $15.8 million, reflecting
$8.8 million in net unrealized appreciation.
Allen F. Grum, President of Rand Capital, stated, "We had an
active investing quarter, providing growth capital to four of our
existing companies. Merger and acquisition activity has
increased with several of our companies evaluating potential
liquidity events. We are also evaluating several new
investments and look forward to sharing these with you in the
future."
Portfolio Activities
During the quarter:
-
Rand made a follow-on investment of $250,000 in Rheonix,
Inc. (Ithaca, NY)
(www.rheonix.com). Rheonix is a spin-off of
Kionix, Inc. (Ithaca, NY) (www.kionix.com) and has
developed a patented CARDTM (Chemistry and Reagent
Device) microfluidic diagnostic platform for simultaneous assay
testing of small volumes of chemicals and biological
fluids. Rheonix recently announced the
completion of a $12.6 million Series A financing.
-
Also during the quarter, Rand made a $125,000 follow-on
investment in Microcision LLC (Philadelphia, PA)
(www.microcision.com). Microcision is a
manufacturer of custom medical and dental implants
(www.aetonmed.com) including precision machined components,
implants and assemblies. Aeton has developed a proprietary
line of dental ST abutments, flathead drills, healing caps and
other unique products for the dental implant market.
-
A $200,000 investment in Niagara Dispensing
Technologies, Inc. (Amherst, NY)
(www.niagaradispensing.com). Niagara
Dispensing is a beverage dispensing technology products
manufacturer specializing in rapid pour beer dispensing systems for
high volume stadium and concession operations. Their Exactap
and Exactpour products are revolutionizing draught beer dispensing
and are in use worldwide.
-
A $480,000 follow-on investment in GridApp Systems,
Inc. (New York, NY)
(www.gridapp.com). GridApp Systems is a
leading provider of database automation solutions including
database patching, compliance, Oracle provisioning, that help
businesses gain control of their heterogeneous database
environment, utilizing their proprietary Clarity software.
During the quarter, Rand revalued its investment in
Innov-X Systems, Inc. to $5.5 million (Woburn, MA)
(www.innovxsys.com) reflecting current market conditions.
Innov-X recently launched a new Delta line
of handheld XRF devices which are ruggedly superior for use in
virtually any environment.
Election of Directors
At Rand's Annual Meeting of Shareholders the following Directors
were elected: Allen F. Grum, Erland
E. Kailbourne, Ross B. Kenzie, Willis S.
McLeese, Reginald B. Newman, II,
Jayne K. Rand and Robert M.
Zak. Rand's Board of Directors also re-appointed
Mr. Newman as Chairman of the Board.
Safe Harbor
Statement
Information contained in this release, other than historical
information, should be considered forward-looking, and may be
subject to inherent uncertainties in predicting future results and
conditions. These statements reflect the Corporation's current
beliefs and are subject to a number of risk-factors, including:
general economic conditions which affect Rand and our portfolio
companies' operations; valuation and illiquid nature of the
portfolio investments; high degree of risk from investing in
private companies; the regulated environment in which we operate;
the amount of debt resulting from borrowing funds from the SBA;
dependency upon key management for investment decisions; and the
competitive market for investment opportunities and fluctuations in
quarterly results. Please see the Corporation's Form 10-Q,
Item 1A, previously filed with the Securities and Exchange
Commission for a detailed discussion of the risks and uncertainties
associated with the Corporation's business. Except as
otherwise required by Federal securities laws, Rand Capital
Corporation and Rand Capital SBIC, Inc. undertakes no obligation to
update or revise forward-looking statements for new events and
uncertainties.
ABOUT RAND CAPITAL
Rand Capital is a publicly held Business Development Company
(BDC), and its wholly owned subsidiary is licensed by the Small
Business Administration (SBA) as a Small Business Investment
Company (SBIC). Rand and its subsidiaries provide capital and
managerial expertise to small and medium sized private companies
that lack sufficient channels to the capital markets. Rand is
traded on the NASDAQ under the symbol "RAND". Rand is
headquartered in Buffalo, NY. www.randcapital.com
CONTACT: Rand Capital Corporation
Investor Contact:
Allen F. Grum, President
716.853.0802
pgrum@randcapital.com
![](http://www.globenewswire.com/newsroom/ti?nf=MTYwIzE5MTcwNCM4MzU3)
Rand Capital (NASDAQ:RAND)
Historical Stock Chart
From Jun 2024 to Jul 2024
Rand Capital (NASDAQ:RAND)
Historical Stock Chart
From Jul 2023 to Jul 2024