RAND ($2.82) is back-door way to play SYNC...
RAND hold 900,000 SYNC shares...
Rand Capital Announces March 31, 2012 Net Asset Value of $3.61, Synacor
Initial Public Offering, Two Follow-On Investments and Election of Directors
-- Net Asset Value is $3.61 per share, a $0.03 increase from prior quarter
and $0.26 growth 8% from prior year
-- Synacor stock surges 50% after its Initial Public Offering on NASDAQ
-- Paydown of $3.1 million of debt
-- Rand makes follow-on investments in Mezmeriz, Inc. and Rheonix, Inc.
-- Six Rand Directors were re-elected at Annual Meeting of Shareholders
BUFFALO, N.Y., April 30, 2012 (GLOBE NEWSWIRE) -- Rand Capital Corporation
("Rand") (Nasdaq:RAND), a business development company (BDC) that provides
capital to private companies, announced its financial results for the first
quarter ended March 31, 2012, highlighting a strong Balance Sheet with $28.2
million in total assets. The investment firm also reported an ending net
asset value of $3.61 per share, a $0.03 increase from December 31, 2011, and
a $0.26 (8%) growth from March 31, 2011. At the end of the first quarter,
Rand's total investment portfolio was valued at $24.4 million, which exceeds
its cost basis of $13.6 million, reflecting $10.8 million in net unrealized
appreciation.
Portfolio Activities
During the quarter:
-- $3.1 million in Rand's outstanding SBA debenture borrowings were repaid.
Rand had originally received $10 million in funding from SBA and has
repaid a total of $9.1 million to date.
-- Synacor, Inc. (Buffalo, NY) (www.synacor.com) completed its Initial
Public Stock Offering (IPO) in February 2012 and is now traded on NASDAQ
Global Market (Nasdaq:SYNC). The IPO was completed at $5 and closed out
the quarter at $7.50 per share. Rand holds 902,362 shares of Synacor
following the sale of 83,825 shares in the IPO. Rand's shares are
subject to trading restrictions that expire August 2012.
-- Rand made $100,000 in follow-on investments in Mezmeriz, Inc. (Ithaca,
NY) (www.mezmeriz.com) in the form of Convertible Notes. Mezmeriz is a
developer of micro-electronic mechanical systems (MEMS) enabling
efficient, wide-angle, Pico projectors to be embedded in mobile devices.
-- Also during the quarter, Rand purchased Preferred Series A shares in
Rheonix, Inc. (Ithaca, NY) (www.rheonix.com) for $455,728 in a follow-on
investment. Rheonix develops microfluidic testing devices including
channels, pumps, reaction vessels and diagnostic chambers, for testing
of small volumes of chemicals and biological fluids.
Allen F. Grum, President of Rand Capital, stated "We are pleased to report
the quarterly results and note that we have grown our Net Asset Value by 8%
during the past 12 months. Of particular note is the IPO of Synacor. We
invested in this fledgling company 10 years ago and assisted in growing the
company to over 300 employees and a market capitalization of over $185
million."
He continued, "I remain optimistic that many of our portfolio companies will
have similar success stories and we look forward to sharing these with you
in the near future."
Election of Directors
At Rand's 2012 Annual Meeting of Shareholders the following Directors were
elected: Allen F. Grum, Erland E. Kailbourne, Ross B. Kenzie, Reginald B.
Newman, II, Jayne K. Rand and Robert M. Zak. Rand's Board of Directors also
re-appointed Mr. Newman as Chairman of the Board.
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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