Rand Capital Invests $500 Thousand in Medical Device Manufacturer
April 20 2015 - 10:15AM
- GENICON is an emerging leader in the design, production
and distribution of surgical products focused on the laparoscopic
surgery market
- Capital infusion supports GENICON's continued
double-digit revenue growth
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 recently invested $500,000 as part of a $4
million equity capital infusion in GENICON, Inc.
(http://geniconendo.com/). GENICON is recognized as an emerging
leader in the design, production, and distribution of patented
surgical instrumentation focused exclusively on laparoscopic
surgery. Rand's primary co-investor is Advantage Capital Partners,
a venture capital firm which invests in entrepreneurial small
businesses in communities that are underserved by traditional
sources of capital.
GENICON, which has built a reputation for innovative new product
development, was recently awarded two 36-month group purchasing
agreements with the Premier Healthcare Alliance for its full range
of Endomechanical products and Trocar products. The business has
long-standing distribution agreements in a number of international
markets including the UK, Italy, Spain, South Korea, South Africa,
the Middle East and China, as well as the US market. In 2014,
GENICON was recognized for its significant contributions to the
expansion of US exports by the US Department of Commerce, having
been awarded the President's "E" Award for Exports.
Daniel P. Penberthy, Rand's Executive Vice President, commented,
"GENICON is an innovative and exciting venture in the healthcare
field and has demonstrated the success of its products with double
digit growth in sales. While the business is outside our
typical geographic investment region, our trusted and frequent
co-investment partner, Advantage Capital Partners, introduced us to
GENICON. After review, we readily understood their excitement
about the company's technologies, unique market segment and
opportunities for future growth and market expansion."
Gary Haberland, founder and CEO of GENICON, added, "This growth
capital will enable us to expand our sales and marketing efforts
and continue product development in order to gain scale in our
markets. Rand and Advantage are strong partners for us and we
appreciate their confidence in our technology and growth
plans."
ABOUT GENICON, INC.
Founded in 1998 and based in Orlando, FL, GENICON is a privately
held firm in which several of its shareholders are surgeons who
utilize the company's products. GENICON is a company driven to
meet the needs of modern-day healthcare through the harmonization
of clinical needs and the economic demands of a global healthcare
system.
ABOUT ADVANTAGE CAPITAL PARTNERS
Advantage Capital Partners provides equity and debt capital,
along with strategic and operational counsel, to businesses that
have the potential for both superior investment returns and
meaningful community impact. The firm is an investment advisor
registered under the Investment Advisor Act of 1940. More
information about Advantage Capital is available on its website
at: http://www.advantagecap.com/.
ABOUT RAND CAPITAL
Rand Capital (Nasdaq:RAND) provides investors the opportunity 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.
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
Phone: 716.853.0802
Email: pgrum@randcapital.com
Investors:
Deborah K. Pawlowski
Kei Advisors LLC
Phone: 716.843.3908
Email: dpawlowski@keiadvisors.com
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