SAN JOSE, Calif., May 11, 2016 (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 April 30, 2016 were IntraOp Medical, Pivotal Systems, QMAT, Wrightspeed, and Turn.
- IntraOp Medical Corp. is the manufacturer of the Mobetron, a medical device that is used to deliver
intra-operative radiation to cancer patients. As of April 30, 2016, the Fund’s investment in IntraOp consisted of 26,856,187
shares of preferred stock plus debt securities and represented approximately 15.8% of the Fund’s estimated net assets.*
- Pivotal Systems, Inc. provides monitoring and process control technologies for the semiconductor
manufacturing industry. As of April 30, 2016, the Fund’s investment in Pivotal consisted of 27,270,713 shares of preferred stock
plus warrants to purchase additional shares, and debt securities and represented approximately 14.7% of the Fund’s estimated net
assets.*
- QMAT, Inc. is developing advanced materials technologies for applications in the electronics industry. As of
April 30, 2016, the Fund’s investment in QMAT consisted of 16,000,240 shares of preferred stock plus warrants to purchase
additional shares, and represented approximately 9.9% of the Fund’s estimated net assets.*
- Wrightspeed, Inc. is a supplier of electric drivetrains for medium-duty trucks. As of April 30, 2016, the
Fund’s investment in Wrightspeed consisted of 3,819,451 shares of preferred stock, and represented approximately 7.7% of the
Fund’s estimated net assets.*
- Turn Inc. is a leading provider of advertising technology to Fortune 1000 marketers and their agencies. As
of April 30, 2016, the Fund’s investment in Turn consisted of 1,798,562 shares of preferred stock plus debt securities and
represented approximately 5.9% of the Fund’s estimated net assets.*
The Fund also announced that, as of April 30, 2016, estimated net assets of the Fund were approximately $168 million, or $21.85
per share, including cash of approximately $0.71 per share. As of that date, the Fund’s top five holdings constituted 54.0% of the
Fund’s estimated net assets. Complete financial statements and a detailed schedule of investments as of March 31, 2016, are
available with the Fund’s quarterly report filing on Form 10-Q.
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.
*Estimated net assets as of April 30, 2016, represent net assets of approximately $168 million as of March 31, 2016, plus the
net change in unrealized appreciation/depreciation and realized gains/losses on publicly traded and private securities since March
31, 2016. For the purposes of calculating the percentage of net assets represented by each investment, the value of each holding is
determined by the most recent of: (1) the purchase price, (2) the market value for public securities, less any discounts taken due
restrictions on the stock, or (3) the March 31, 2016, fair value of each security, as determined under procedures approved by our
Board of Directors.
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. An investment in the Fund involves substantial risks, some of which are highlighted below. Please see the
Fund’s public filings for more information about fees, expenses and risk. Past investment results do not provide any
assurances about future results.
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. (408) 624-9525 vc@firsthandtvf.com
