Exhibit 99.1

                       TECHNOLOGY INVESTMENT CAPITAL CORP.
                         8 Sound Shore Drive, Suite 255
                               Greenwich, CT 06830
                     Tel: (203) 983-5275 Fax: (203) 983-5290


         TICC ANNOUNCES $6.7 MILLION TRANSACTION WITH DIRECTREVENUE, LLC

Greenwich, CT - August 19, 2004 - Technology Investment Capital Corp. (NASDAQ:
TICC) announced today that it has completed a $6.7 million debt transaction with
DirectRevenue, LLC, a New York City-based Internet advertising company backed by
Insight Venture Partners. TICC's investment consists of senior secured notes
with warrants.

ABOUT DIRECTREVENUE, LLC
DirectRevenue provides a suite of technology solutions that enable marketers to
deliver highly targeted contextual advertisements to more than 12 million
consumers and enables providers of software, services and content to offer free,
ad-supported versions of their products. DirectRevenue delivers its contextual
advertising services through partnerships with leading online media brokers.
Direct Revenue is headquartered in New York City.
Visit www.direct-revenue.com for more information.

ABOUT TECHNOLOGY INVESTMENT CAPITAL CORP.
We are a publicly-traded business development company principally engaged in
providing capital to small to mid-size technology-related companies. While the
structures of our financings vary, we look to invest primarily in the debt of
established technology-related businesses. Companies interested in learning more
about financing opportunities should contact Barry Osherow at (203) 661-9572 or
visit our website at www.ticc.com.

FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements subject to the inherent
uncertainties in predicting future results and conditions. Any statements that
are not statements of historical fact (including statements containing the words
"believes," "plans," "anticipates," "expects," "estimates" and similar
expressions) should also be considered to be forward-looking statements. Certain
factors could cause actual results and conditions to differ materially from
those projected in these forward-looking statements. These factors are
identified from time to time in our filings with the Securities and Exchange
Commission. We undertake no obligation to update such statements to reflect
subsequent events.