Rand Capital Announces Net Asset Value of $4.43, Two New Investments and Five Follow-On Investments
July 31 2014 - 3:59PM
- Net Asset Value increases to $4.43 per share, a 1.8%
($.08) increase from prior quarter
- Seven investments totaling $4 million represents
busiest quarter in recent history
- Notable investments during the quarter included a total
of $1.85 million in Empire Genomics, LLC and Teleservices Solutions
Holdings, LLC and $2.18 million in follow-on investments in five
portfolio companies
- BinOptics continues to grow its etched facet technology
laser solutions
- Total assets of $37.7 million
Rand Capital Corporation ("Rand") (Nasdaq:RAND) announced June 30,
2014 net asset value of $28.4 million, or $4.43 per share,
representing a $.08 increase per share from March 31, 2014, and a
$.50 per share increase from June 30, 2013.
Portfolio activity during the second quarter of 2014
included:
- Empire Genomics, LLC (Buffalo, NY)
(www.empiregenomics.com) – $600,000 debt
investment. Empire Genomics is a molecular
diagnostics company that develops and offers a comprehensive menu
of assay services for use in diagnosing and guiding precise
therapeutic treatments for patients.
- Teleservices Solutions Holdings, LLC (TSH)
(Montvale, NJ) (www.ipacesetters.com) – $1,250,000 equity
investment in Class B and Class C shares. TSH
is a customer contact center specializing in customer acquisition
and retention for selected industries.
- Chequed.com, Inc. (Saratoga Springs, NY)
(www.chequed.com) - $350,000 follow-on equity investment in
additional Series A Preferred shares. Chequed.com
is a predictive employee selection and development software company
for the Human Resource sector.
- Knoa Software, Inc. (New York, NY)
(www.knoa.com) – $479,155 equity investment in Series B-1 Preferred
shares. Knoa software monitors, measures and
manages how end-users use enterprise software applications,
improving software performance and its users' experiences.
- Mercantile Adjustment Bureau, LLC
(Williamsville, NY) (www.mercantilesolutions.com) - $150,000
follow-on debt investment. Mercantile is a
full service accounts receivable management and collection
company.
- SciAps, Inc. (Woburn, MA) (www.sciaps.com) -
$500,000 follow-on investment in additional Series A Preferred
shares. SciAps is a hand held analytical
instrumentation company specializing in durable, field tested,
portable instruments utilizing LIBS and Raman
spectroscopy. These devices are used in law enforcement, and
the mining, pharmaceutical and other industries.
- SocialFlow, Inc. (New York, NY)
(www.socialflow.com) - $750,000 follow-on equity investment in
Series B-1 Preferred shares. SocialFlow
provides instant analysis of current opportunities on social
networks using proprietary, predictive analytic algorithms to
determine best time for its customers to publish or advertise.
BinOptics Corporation (Ithaca, NY)
(www.binoptics.com), a Deloitte 2013 Technology Fast 500 winner as
one of North America's fastest growing companies, continues to
deploy its unique etched facet technology into the world-wide
marketplace exploiting the need for optical connectivity and
semi-conductor laser products in the rapidly growing markets of
smart phones, cellular backhaul, data centers and fiber to the
home.
Allen F. Grum, President of Rand Capital, stated, "We continue
to deploy capital as evidenced by $1.85 million investments in new
companies and $2.18 million in portfolio companies. We also
revalued our investment in BinOptics Corporation
to reflect its improved financial performance as reflected in
record sales profits and units shipped in the recent
quarters. We continue to evaluate our portfolio and
opportunities for liquidity events and hope to share these with you
in the future."
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 subsidiary provide capital and
managerial expertise to small and medium sized private companies
primarily located in the Northeast U.S. Rand is traded on the
NASDAQ under the symbol "RAND" and is headquartered in Buffalo,
NY. www.randcapital.com
CONTACT: Investor Contact:
Allen F. Grum
President
716-853-0802
pgrum@randcapital.com
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