Rand Capital Corporation Names Erland E. Kailbourne as Chairman of the Board
April 12 2018 - 9:00AM
Business Wire
Rand Capital Corporation (NASDAQ:RAND) (“Rand”), a venture
capital company which invests in growth businesses with unique
product, service or technology concepts, today announced that
Erland (“Erkie”) E. Kailbourne, a director since 1999, has been
named Chairman of the Board effective immediately. Robert M. Zak,
director since 2005, will remain as Vice Chairman of the Board.
Mr. Kailbourne noted, “As I assume the role of Chairman, I will
endeavor to pursue the guidance and wisdom that my friend and
colleague Reg Newman provided to Rand Capital during his
outstanding tenure as our Chairman. We have a strong portfolio of
companies, a strategy for growth and an opportunity to further
leverage our balance sheet to create value for our
shareholders.”
Mr. Kailbourne has served on several committees as a member of
the Rand Board of Directors over the last 19 years. He also serves
as Chairman of the Board of Albany International Corporation, where
he has been a director since 1999. He is currently a director for
Financial Institutions, Inc. and will be retiring his position at
their annual meeting in June. He was formerly the Chairman and
Chief Executive Officer (New York Region) of Fleet National
Bank.
The Rand Board of Directors is now comprised of five directors
including Mr. Kailbourne. The Board intends to add another member
in the near future.
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) with a wholly-owned subsidiary licensed by the U.S. Small
Business Administration (SBA) as a Small Business Investment
Company (SBIC). Rand focuses its equity investments in early or
expansion stage companies and generally lends to more mature
companies. The Company seeks investment opportunities in businesses
with strong leaders who 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:
http://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 net asset value growth, investment returns and
opportunities as well as Rand’s plans for utilizing proceeds from
sales of portfolio companies when and if received. These statements
involve known and unknown risks, uncertainties and other factors
that could cause the actual results to differ materially from the
results expressed or implied by such statements, including general
economic and business conditions, 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20180412005676/en/
Rand Capital CorporationAllen F. ("Pete") GrumPresident
and CEOPhone:
716.853.0802pgrum@randcapital.comorInvestors:Kei Advisors
LLCDeborah K. Pawlowski / Karen L. HowardPhone: 716.843.3908 /
716.843.3942dpawlowski@keiadvisors.com /
khoward@keiadvisors.com
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