BUFFALO, N.Y.--(BUSINESS WIRE)--Rand Capital Corporation (NASDAQ:RAND) (“Rand”), a venture capital company which invests in growth businesses with unique product, service or technology concepts, today announced that Erland (“Erkie”) E. Kailbourne, a director since 1999, has been named Chairman of the Board effective immediately. Robert M. Zak, director since 2005, will remain as Vice Chairman of the Board.
Mr. Kailbourne noted, “As I assume the role of Chairman, I will endeavor to pursue the guidance and wisdom that my friend and colleague Reg Newman provided to Rand Capital during his outstanding tenure as our Chairman. We have a strong portfolio of companies, a strategy for growth and an opportunity to further leverage our balance sheet to create value for our shareholders.”
Mr. Kailbourne has served on several committees as a member of the Rand Board of Directors over the last 19 years. He also serves as Chairman of the Board of Albany International Corporation, where he has been a director since 1999. He is currently a director for Financial Institutions, Inc. and will be retiring his position at their annual meeting in June. He was formerly the Chairman and Chief Executive Officer (New York Region) of Fleet National Bank.
The Rand Board of Directors is now comprised of five directors including Mr. Kailbourne. The Board intends to add another member in the near future.
ABOUT RAND CAPITAL
Rand Capital (NASDAQ:RAND) provides investors the ability to participate in venture capital opportunities through an investment in the Company’s stock. Rand is a Business Development Company (BDC) with a wholly-owned subsidiary licensed by the U.S. Small Business Administration (SBA) as a Small Business Investment Company (SBIC). Rand focuses its equity investments in early or expansion stage companies and generally lends to more mature companies. The Company seeks investment opportunities in businesses with strong leaders who are bringing to market new or unique products, technologies or services that have a high potential for growth. Additional information can be found at the Company’s website where it regularly posts information: http://www.randcapital.com/.
Safe Harbor Statement
This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements concerning future net asset value growth, investment returns and opportunities as well as Rand’s plans for utilizing proceeds from sales of portfolio companies when and if received. These statements involve known and unknown risks, uncertainties and other factors that could cause the actual results to differ materially from the results expressed or implied by such statements, including general economic and business conditions, conditions affecting the portfolio companies’ markets, competitor responses, and market acceptance of their products and services and other factors disclosed in the Corporation’s periodic reports filed with the Securities and Exchange Commission. Consequently, such forward-looking statements should be regarded as the Corporation’s current plans, estimates and beliefs. The Corporation assumes no obligation to update the forward-looking information contained in this release.