UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) July 31, 2014
Rand Capital Corporation
(Exact name of registrant as specified in its charter)
| New York | 814-00235 | 16-0961359 |
| (State or other jurisdiction of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
| 2200 Rand Building Buffalo, New York |
14203 |
| (Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code: (716) 853-0802
________________________________________________________________________________
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| [ ] | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
| [ ] | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
| [ ] | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
| [ ] | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02. Results of Operations and Financial Condition.
On July 31, 2014 the Registrant issued a press release, a copy of which is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
Exhibit 99.1. Press release dated July 31, 2014
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Rand Capital Corporation
(Registrant) |
||
| July 31, 2014
(Date) |
/s/ DANIEL P. PENBERTHY
Daniel P. Penberthy Executive Vice President/Chief Financial Officer |
| Exhibit Index | ||
| 99.1 | Press release dated July 31, 2014 | |
EXHIBIT 99.1
BUFFALO, N.Y., July 31, 2014 (GLOBE NEWSWIRE) -- Rand Capital Corporation ("Rand") (Nasdaq:RAND) announced June 30, 2014 net asset value of $28.4 million, or $4.43 per share, representing a $.08 increase per share from March 31, 2014, and a $.50 per share increase from June 30, 2013.
Portfolio activity during the second quarter of 2014 included:
BinOptics Corporation (Ithaca, NY) (www.binoptics.com), a Deloitte 2013 Technology Fast 500 winner as one of North America's fastest growing companies, continues to deploy its unique etched facet technology into the world-wide marketplace exploiting the need for optical connectivity and semi-conductor laser products in the rapidly growing markets of smart phones, cellular backhaul, data centers and fiber to the home.
Allen F. Grum, President of Rand Capital, stated, "We continue to deploy capital as evidenced by $1.85 million investments in new companies and $2.18 million in portfolio companies. We also revalued our investment in BinOptics Corporation to reflect its improved financial performance as reflected in record sales profits and units shipped in the recent quarters. We continue to evaluate our portfolio and opportunities for liquidity events and hope to share these with you in the future."
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