Firsthand Technology Value Fund Discloses Preliminary NAV of $27.30 Per Share
as of June 30, 2014
Top Holdings Include Twitter, Facebook, IntraOp Medical, Turn, and Pivotal
SAN JOSE, Calif., July 17, 2014 (GLOBE NEWSWIRE) -- Firsthand Technology Value
Fund, Inc. (Nasdaq:SVVC) (the "Fund"), a publicly-traded venture capital fund
that invests in technology and cleantech companies, disclosed today that its
top five holdings as of June 30, 2014 were Twitter, Facebook, IntraOp Medical,
Turn, and Pivotal Systems.
1.Twitter, Inc. (NYSE:TWTR) is an online social networking service that lets
users send and receive 140-character messages ("tweets"). As of June 30,
2014, the Fund's investment in Twitter consisted of 1,006,200 shares of
common stock plus options and represented approximately 18.7% of the
Fund's preliminary net assets.
2.Facebook, Inc. (Nasdaq:FB) is an online social networking service with
more than 1 billion monthly active users worldwide. As of June 30, 2014,
the Fund's investment in Facebook consisted of 600,000 shares of common
stock and represented approximately 16.3% of the Fund's preliminary net
3.IntraOp Medical, Inc. is the manufacturer of the Mobetron, a medical
device that is used to deliver intra-operative radiation to cancer
patients. As of June 30, 2014, the Fund's investment in IntraOp consisted
of 20,300,000 shares of preferred stock plus debt securities and
represented approximately 8.5% of the Fund's preliminary net assets.
4.Turn Inc. is a leading provider of advertising technology to Fortune 1000
marketers and their agencies. As of June 30, 2014, the Fund's investment
in Turn consisted of 1,798,562 shares of preferred stock and represented
approximately 6.1% of the Fund's preliminary net assets.
5.Pivotal Systems, Inc. provides monitoring and process control technologies
for the semiconductor manufacturing industry. As of June 30, 2014, the
Fund's investment in Pivotal consisted of 19,857,028 shares of preferred
stock plus debt securities, and represented approximately 4.8% of the
Fund's preliminary net assets.
The Fund's preliminary net assets as of June 30, 2014 also include cash of
approximately $4.64 per share. As of that date, the Fund's top five holdings
constituted 54.4% of the Fund's preliminary net assets. Complete financial
statements and a detailed schedule of investments will be made available with
the Fund's quarterly report filing on Form 10-Q in August 2014.
About Firsthand Technology Value Fund
Firsthand Technology Value Fund, Inc. is a publicly-traded venture capital
fund that invests in technology and cleantech companies. More information
about the Fund and its holdings can be found online at www.firsthandtvf.com.
The Fund is a non-diversified, closed-end investment company that elected to
be treated as a business development company under the Investment Company Act
of 1940. The Fund's investment objective is to seek long-term growth of
capital. Under normal circumstances, the Fund will invest at least 80% of its
total assets for investment purposes in technology and cleantech companies.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS: This press release
contains "forward-looking statements" as defined under the U.S. federal
securities laws. Generally, the words "believe," "expect," "intend,"
"estimate," "anticipate," "project," "will," and similar expressions identify
forward-looking statements, which generally are not historical in nature.
Forward-looking statements are subject to certain risks and uncertainties that
could cause actual results to materially differ from the Fund's historical
experience and its present expectations or projections indicated in any
forward-looking statement. These risks include, but are not limited to,
changes in economic and political conditions, regulatory and legal changes,
technology and cleantech industry risk, valuation risk, non-diversification
risk, interest rate risk, tax risk, and other risks discussed in the Fund's
filings with the SEC. You should not place undue reliance on forward-looking
statements, which speak only as of the date they are made. The Fund undertakes
no obligation to publicly update or revise any forward-looking statements made
herein. There is no assurance that the Fund's investment objectives will be
attained. We acknowledge that, notwithstanding the foregoing, the safe harbor
for forward-looking statements under the Private Securities Litigation Reform
Act of 1995 does not apply to investment companies such as us.
CONTACT: Heather Hohlowski
Firsthand Capital Management, Inc.
Firsthand Technology Value Fund, Inc. Logo
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