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Firsthand Technology Value Fund Announces Fiscal Year 2012 Financial Results, NAV Of $22.90 Per Share

SAN JOSE, Calif., March 18, 2013 (GLOBE NEWSWIRE) -- Firsthand Technology Value Fund, Inc. (Nasdaq:SVVC) (the "Fund"), a publicly-traded venture capital fund that invests in technology and cleantech companies, announced today its financial results for the fiscal year ended December 31, 2012.

As of December 31, 2012, the Fund's net assets were approximately $195.9 million, or $22.90 per share, compared with net assets of approximately $83.6 million, or $23.92 per share as of December 31, 2011. As of December 31, 2012, the Fund's portfolio included public and private securities valued at approximately $59.2 million, or $6.92 per share, and approximately $136.8 million, or $15.99 per share, in cash.

Portfolio Summary (as of 12/31/12)

Investment Fair Value Fair Value per Share 1
Equity/Debt Investments $59.19 million $6.92
Cash $136.83 million $15.99
Other Assets $1.04 million $0.12
Total Assets $197.06 million $23.03
Total Liabilities $1.14 million $0.13
Net Assets $195.92 million $22.90
1Total shares outstanding: 8,556,480  

During the fourth quarter of 2012, the Valuation Committee, which is composed of three independent directors, adjusted the fair values of the private companies in our portfolio. In arriving at these determinations and consistent with the Fund's valuation procedures, and ASC 920 (formerly FAS 157), the Valuation Committee took into account many factors, including the performance of the portfolio companies, recent transactions in the companies' securities, as well as the impact of changes in market multiples within certain sectors.

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