Rand Capital Portfolio Company, OnCore Golf, Announces “First-of-its-Kind” Golf & Sports Entertainment Complex
September 26 2019 - 4:15PM
Business Wire
OnCore Buffalo Will Complement Downtown and
Waterfront Development Projects
Rand Capital Corporation (Nasdaq: RAND) (“Rand” or “Rand
Capital”), a business development company, announced that one of
its portfolio companies, OnCore Golf Technology, Inc. plans to
build a first-of-its-kind year-round sports entertainment complex,
including a fully-integrated hotel in Buffalo, NY. The seven-acre
OnCore Buffalo facility will bring exciting new golf and other
sports experiences to downtown Buffalo’s waterfront when it opens
in 2021. OnCore reports that it has the financing package in place
with several local strategic and financial supporters for the
estimated $30 million project.
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OnCore Buffalo will feature a unique three-tiered golf driving
range with state-of-the-art radar and camera systems used in each
hitting bay to deliver incredible gaming and learning possibilities
for golfers and non-golfers alike. Each hitting bay will offer full
shot analysis including both club and ball data (swing speed, ball
speed, smash factor, distance, spin rate, spin angle, launch angle,
apex, and much more) and will offer customers the option of
recording their swing and receiving instructional advice in real
time. All of the information will be saved and available to the
customer for retrieval and review on mobile devices and on a
cloud-based website. Instantaneous social media posting and sharing
along with in-venue broadcasts will further enhance the user
experience. Numerous games – some purely for entertainment and
others for competition – will be available and shown on high
resolution monitors in each bay.
“We’re very excited to be able to bring this kind of golf and
sports entertainment experience to an urban setting – the result of
engineering and technology innovations that have been years in the
making,” said OnCore Golf co-founder Keith Blakely. “In doing so,
we hope to elevate interest in golf amongst a broad demographic as
well as to enable partnerships with other sports organizations who
have similar goals. We envision other sports experiences, from
virtual baseball, basketball and hockey to a possible indoor wave
machine for surfing. We believe this planned complex sets a
revolutionary standard that we can replicate in other urban
areas.”
The first-of-its-kind OnCore Buffalo design is unique and
different from other golf entertainment concepts, which typically
require a physical presence twice the size of the OnCore Buffalo
facility, making them hard to locate in urban environments.
Additionally, The First Tee of Western New York, an international
youth development organization that introduces the game of golf and
its inherent values to young people, will relocate into the OnCore
Buffalo facility at no cost to the organization. Through after
school and in school programs, The First Tee helps shape the lives
of young people from all walks of life by reinforcing values like
integrity, respect and perseverance through the game of golf.
Allen F. (“Pete”) Grum, President and Chief Executive Officer of
Rand Capital, added, “OnCore Golf has been at the forefront of golf
ball technology advancement since its inception in 2011. This has
been demonstrated by their development of several unique golf balls
including the world’s only hollow metal core golf ball, a low
compression ball with unrivaled distance called AVANT, and what
many believe is the best premium tour ball, the ELIXR. The new golf
and sports complex takes OnCore’s innovativeness to a new level. We
are pleased to support them in their mission to grow the game of
golf, creating a new experience for golfers of all skill levels. We
are also pleased to support their efforts to further enhance the
development of the beautiful Buffalo waterfront area.”
Rand began investing in OnCore Golf in 2014, having invested
approximately $753,000 to date.
ABOUT ONCORE GOLF
With headquarters in Buffalo, NY, OnCore Golf is a cutting edge
golf ball technology company with a big heart. The company has an
entrepreneurial enthusiasm for everything that it does and its
mission is to grow the game of golf, making it more fun for golfers
of all skill levels by bringing the most innovative high
performance golf balls on the market. OnCore Golf is also the first
company to offer an entire suite of patented perimeter weighting
golf ball designs. This has been done for years in drivers, irons
and even putters. OnCore is the first to innovatively incorporate
this into its golf ball designs. Read more at:
https://www.oncoregolf.com/.
ABOUT RAND CAPITAL
Rand Capital (Nasdaq: 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 currently 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/20190926005855/en/
Company: Allen F. ("Pete") Grum President and CEO Phone:
716.853.0802 Email: pgrum@randcapital.com
Investors: Deborah K. Pawlowski / Karen L. Howard Kei
Advisors LLC Phone: 716.843.3908 / 716.843.3942 Email:
dpawlowski@keiadvisors.com khoward@keiadvisors.com
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