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Rand Capital Announces 4% Increase In Net Assets; 50% Portfolio Cash Position; $2.7 Million Gain On Sale Of GridApp Systems, Inc.; Stock Buy Back Approval And Investments

Stocks in this article: RAND

  • Net Asset Value increases 4% to $3.38 per share
  • Rand has $11.7 million cash on hand
  • Invested $750,000 into two new portfolio companies
  • Somerset Gas Transmission Company, LLC signs deal to develop pipeline for Marcellus Shale Gas
  • GridApp Systems, Inc. was acquired by BMC netting Rand a $2.7 million gain
  • Stock buy back approved

BUFFALO, N.Y., Feb. 15, 2011 (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 fourth quarter ended December 31, 2010 highlighting a net asset value of $3.38 per share, an increase of $0.13 from September 30, 2010. At the end of the fourth quarter, Rand's total investment portfolio was valued at $19.4 million, which exceeds its cost basis of $13.6 million, reflecting $5.8 million in net unrealized appreciation.

Portfolio Activities

During the quarter:

  • Rand made a $250,000 investment in, Inc. (Saratoga Springs, NY) ( ) as part of a $1+ million convertible note financing of the business. has created selection tools that help human resource departments connect employee screening practices to business results, developed in partnership with The Research Foundation of The State University at New York and The University at Albany's Department of Psychology.
  • Rand invested $500,000 in Liazon Corporation (Buffalo, NY) ( ) as part of a $1.1 million financing with Lemhi Ventures Fund I, L.P., Ingleside Investors, LLC and management.  Liazon is an employee benefits solution company who has developed and pioneered their proprietary Benefits Exchangeâ„¢, the online benefits store where employees shop for their benefits with money allocated to them by their employer.
  • Somerset Gas Transmission Company, LLC (Columbus, OH) ( ), a natural gas transportation company, signs deal to develop pipeline for Marcellus Shale Gas. Somerset also operates a gas pipeline in Ohio under the name of North Coast Gas.
  • GridApp Systems, Inc. (New York, NY) was acquired by BMC Software.  GridApp provided database automation software that helps businesses gain control of their heterogeneous database applications through a centralized software console.

Allen F. Grum, President of Rand Capital, stated, "In the past 18 months, the sale of Kionix, Innov-X and GridApp provided Rand with $10 million in gains increasing our cash position to more than 50% of our net asset value. This positions us to explore creating another SBIC fund in the upcoming year. The remainder of our portfolio continues to strengthen and we would expect a continuation of exits from our investments in the upcoming years."

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