- One portfolio exit – Innov-X Systems, Inc. generated $7 million return over life of investment
- Rand has $10 million cash on hand (represents 46% of Net Asset Value)
- Net Asset Value is $3.25 per share for the quarter ending September 30, 2010
- One follow-on investment totaling $250,000
BUFFALO, N.Y., Nov. 5, 2010 (GLOBE NEWSWIRE) -- Rand Capital Corporation (Nasdaq:RAND) ("Rand"), a business development company (BDC) that provides capital and managerial expertise for small to medium-sized private companies, announced its financial results for the third quarter ended September 30, 2010 highlighting a net asset value of $3.25 per share, a decrease of ($0.03) from June 30, 2010. At the end of the third quarter, Rand's total investment portfolio was valued at $21.1 million, which exceeds its cost basis of $16.5 million, reflecting $4.5 million in net unrealized appreciation.
During the quarter:
- Rand made a $250,000 follow-on investment in Rheonix, Inc. (Ithaca, NY) ( www.rheonix.com ). Rheonix develops microfluidic testing devices including channels, pumps, reaction vessels, and diagnostic chambers, for testing of small volumes of chemicals and biological fluids.
- Innov-X Systems, Inc. (Woburn, MA) ( www.innovx.com ) was acquired on July 1, 2010 by Olympus NDT Corporation, (Waltham, MA) ( www.olympus-ims.com ) and will be a consolidated subsidiary of Tokyo, Japan based Olympus Corporation. Innov-X built a global business as a developer, manufacturer and supplier of portable X-ray fluorescence (XRF) analyzers that are used to determine the types and amounts of elements that make up objects.