Rand Capital Corporation Purchases Additional Shares of OnCore Golf Technology
March 12 2015 - 11:00AM
- OnCore has developed and patented the world's first and
only hollow-metal core golf ball that provides enhanced lift,
distance and directional control and conforms with
USGA® requirements
- OnCore has achieved $1.6 million of its $2.0 million
capital raise
Rand Capital Corporation (Nasdaq:RAND) ("Rand"), a business
development company that makes venture capital investments in
companies with emerging product, service or technology concepts,
announced that it has recently provided a $150,000 follow-on
investment to OnCore Golf Technology, Inc.
OnCore's Series AA preferred stock offering has reached $1.6
million of the targeted $2.0 million capital raise. In total, Rand
has acquired 140,000 shares of OnCore's Series AA preferred stock
for $350,000. Other investors involved in the financing include The
InVentures Group, Global Capital Group, Angel Capital Group, along
with Keith Blakely, a local entrepreneur, and several other private
individual investors.
Allen F. ("Pete") Grum, Rand's President and Chief Executive
Officer, commented, "OnCore has developed a unique, game-changing
golf ball technology, and is a great example of the type of
exciting, technology-based companies that are working to grow in
Western New York. The support and participation of the local
investor community is critical to making that happen and we are
pleased to team with The InVentures Group to support OnCore's
growth strategy."
Joseph J. White, President and Chief Operating Officer of OnCore
Golf, added, "Acceptance of our proprietary hollow-metal core golf
ball continues to expand. The capital provided by Rand and our
other investors enables us to advance our sales, marketing and
continued research and development efforts. The OnCore golf ball
facilitates straighter drives, more accurate shot making, and
laser-straight putts. Our goal is to influence the growth and
popularity of Golf as a sport by using our proprietary technology
to elevate golfers' proficiencies and enjoyment of the Game."
OnCore Golf Technology is the designer and marketer of the first
patented, United States Golf Association (USGA®)
conforming, hollow-metal core golf ball. The proprietary alloy
used in the hollow-metal core, combined with ultra-high performance
polymer composite blends in the mantle layer, shifts the ball's
weight to the perimeter. This increases the moment of inertia
and results in reduced sidespin, enhancing the rifle spin of the
golf ball.
The OnCore MA-1.0 Maximum Accuracy Series One is available on
line at http://shop.oncoregolf.com/ and through select pro shops
and golf stores around the country.
ABOUT RAND CAPITAL
Rand Capital (Nasdaq:RAND) provides investors the ability to
participate in venture capital opportunities through an investment
in the Company's stock. Rand is a Business Development Company
(BDC), and its wholly-owned subsidiary is licensed by the U.S.
Small Business Administration (SBA) as a Small Business Investment
Company (SBIC). Rand focuses its investments in early or expansion
stage companies with strong leadership that are bringing to market
new or unique products, technologies or services that have a high
potential for growth. Additional information can be found at
the Company's website where it regularly posts
information: www.randcapital.com.
ABOUT ONCORE GOLF TECHNOLOGY, INC.
The world's first and only metal hollow-core golf
ball... You just became a better golfer.
Headquartered in Buffalo, NY, OnCore Golf is a dynamic and
innovative golf technology company. The Company is dedicated
to improving the lives, scores, and enjoyment of golfers of all
skill levels by offering exciting products and advanced golf ball
technology. Learn more about OnCore at
www.oncoregolf.com.
Safe Harbor Statement
This news release contains "forward-looking statements" within
the meaning of the Private Securities Litigation Reform Act of
1995. Such statements include, but are not limited to, statements
concerning future revenue and earnings, involve known and unknown
risks, uncertainties and other factors that could cause the actual
results of the Corporation to differ materially from the results
expressed or implied by such statements, including general economic
and business conditions, conditions affecting the valuation of the
Corporation's portfolio, the timing and opportunity for investments
or divestitures as well as conditions affecting the portfolio
companies' markets, competitor responses, and market acceptance of
their products and services and other factors disclosed in the
Corporation's periodic reports filed with the Securities and
Exchange Commission. Consequently, such forward looking statements
should be regarded as the Corporation's current plans, estimates
and beliefs. The Corporation assumes no obligation to update the
forward-looking information contained in this release.
CONTACT: Company:
Allen F. ("Pete") Grum
President and CEO
Phone: 716.853.0802
Email: pgrum@randcapital.com
Investors:
Deborah K. Pawlowski
Kei Advisors LLC
Phone: 716.843.3908
Email: dpawlowski@keiadvisors.com
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