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Rand Capital, a Buffalo-based venture capital firm, will pay a dividend in stock from a company in which it has substantial holdings.

For every 10 shares held by Rand stockholders, the firm will pay a dividend of one share in Research Frontiers Inc., Rand's oldest current investment, according to Donald A. Ross, president of the venture capital firm. The dividend will be distributed on July 3.

Research Frontiers trades in the 3 1/4 to 3 5/8 range on the over-the-counter market.

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