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Rand Capital Participates in $2.2 Million Financing of
Massachusetts based Innov-X Systems, Inc.
BUFFALO, N.Y., Oct. 26 /PRNewswire-FirstCall/ -- Rand Capital (NASDAQ: Rand)
announced that it has participated with CEI Ventures, Inc. (Portland, ME) in a
$2.2 Million financing to Innov-X Systems, Inc., a Woburn, MA based
manufacturer of handheld elemental analyzers.
Innov-X Systems was founded in 2001 and manufactures handheld analyzers,
utilizing X-ray fluorescence (XRF) technology, operating under a iPAQ, Windows
CE system, to produce a device which can efficiently and accurately provide
quick, onsite alloy analysis and "laboratory quality" metals testing of a wide
variety of sample types. http://www.innov-xsys.com/
Rand's wholly owned subsidiary, Rand Capital SBIC, L.P., initially participated
in the round of financing with a $350,000 investment in the form of a
Subordinated Term Note with warrants for a minority interest in the company.
Rand has a follow-on commitment to invest an additional $250,000; CEI Ventures
invested under the same terms. Key Bank will also participate in the financing
in a senior lending relationship.
The Innov-x analyzer is utilized in many different markets including Homeland
Defense and heavy industry. Homeland Defense applications include nuclear
non-proliferation and border security. Heavy industry applications span alloy
analysis for petrochemical, power plant, aerospace, pharmaceutical and
fabricator markets, environmental applications, plastics analysis and
recycling, and a variety of specialty analytical markets. Innov-X also
maintains an active OEM business for dedicated XRF applications. Innov-X's
devices are available in the United States through its sales force and
internationally through its offices located in Holland, Hong Kong and Lusaka,
Zambia.
The investment will be used for rapid development and deployment of several new
products and a rapid expansion of worldwide sales and marketing efforts. Dan
Penberthy, Rand's Executive Vice President, stated "Innov-X's rapid sales
growth and strong financial results, combined with an array of new products and
applications makes this an excellent investment opportunity."
CEI Ventures President, Nat Hensaw stated "Innov-X Systems projected job
growth, and strong management team, combined with their use of environmentally
friendly XRF technology, as opposed to its competitor's products which rely on
radioactive isotopes for their operation, combine to support the socially
responsible investing of our fund."
Information in this press release contains forward-looking statements and
reflect the Corporation's current beliefs. Numerous factors could cause actual
results to differ materially. See the Corporation's Securities and Exchange
Commission filings for a discussion of risks and uncertainties associated with
venture capital investing that could affect actual results. Rand Capital
Corporation undertakes no obligation to revise these forward- looking
statements for new events and uncertainties.
ABOUT CEI VENTURES
CEI Ventures is a for-profit subsidiary of Coastal Enterprises, Inc. (CEI), a
26 year old community development financial institution (CDFI) headquartered in
Wiscasset, Maine. Through loan programs and broad ranging technical
assistance, CEI helps people and communities, particularly those with low
incomes, reach an adequate and equitable standard of living, learning and
working in harmony with our natural environment. http://www.ceiventures.com/
ABOUT RAND CAPITAL
Rand Capital is a publicly held Business Development Company (BDC) licensed by
the Small Business Administration (SBA) as a Small Business Investment Company
(SBIC). Rand is traded on the NASDAQ under the symbol "RAND". Rand is
headquartered in Buffalo, NY. http://www.randcapital.com/
For further information about Innov-x Systems, Inc. contact:
Donald Sackett, President, Innov-X Systems, Inc. 10 Gill St. Suite Q,
Woburn, MA 01801 Toll Free: 866.4.Innov-X or 781.938.5005
DATASOURCE: Rand Capital
CONTACT: Daniel P. Penberthy of Rand Capital, +1-716-853-0802
Web site: http://www.randcapital.com/
http://www.innov-xsys.com/
http://www.ceiventures.com/