Share this article

print logo


A drop in the value of the stocks that Rand Capital Corp. owns led to a 5 percent decline in the Buffalo venture capital firm's net asset value during the third quarter.

Rand said its net asset value slipped to $7.03 million, or $1.66 per share, at the end of September from $7.43 million, or $1.76 per share, at the end of June.

Rand said it increased its investment in Ultra-Scan Corp., an Amherst firm that makes fingerprint identification systems, by issuing the company a $50,000 note.

Rand also purchased 23,986 shares of stock in Coral Systems Inc., a Colorado-based company that makes client-server software products that are used to prevent fraud by the wireless telecommunications industry. Coral filed on Friday to sell 2.7 million shares in an initial public offering at $10 to $12 per share.

Rand also sold 7,000 shares of its 16,880-share stake in Heartland Wireless Inc., a Texas company that develops and runs wireless cable television systems. The company plans to limit its investments in publicly-traded firms.

There are no comments - be the first to comment