Rand Capital Announces Initial Investment in INRAD, Inc. and Increases Investments in BNKR, Inc. and TSS-Transnet, Inc.
26 October 2000
Rand Capital Announces Initial Investment in INRAD, Inc. and Increases Investments in BNKR, Inc. and TSS-Transnet, Inc.
BUFFALO, N.Y., Oct. 26 Rand Capital Corporation
announced it has signed a Commitment Letter to invest $100,000
in INRAD, Inc., Northvale, New Jersey (OTC Bulletin Board: INRAD), acquiring
2,000 shares of Series B Preferred stock as part of a $2 million round of
financing. INRAD, Inc. develops, manufacturers and supplies products for the
Photonics Industry primarily consisting of Crystals and Crystal Components,
Custom Optics, and Systems and Instruments. Their customers include leading
corporations in the Laser Systems, Semiconductor Inspection Equipment,
Telecommunications, and Defense sectors, as well as the U.S. Government.
Their products are also used extensively by researchers at National
Laboratories and Universities (http://www.inrad.com).
Rand has also announced a follow-on investment of $200,000 in the form of
a Bridge Loan to BNKR, Inc. BNKR, Inc. provides turnkey solutions for on-line
community banking and is currently pursuing marketing partners to broaden
their variety of services to include brokerage, loan, credit cards and
insurance (http://www.bnkr.com). They are headquartered in Bloomington,
Minnesota. This investment is part of a second round of financing totaling
$1.5 million, which was led by Seed Capital Partners (affiliated with
SOFTBANK).
Rand has recently completed a follow-on $66,000 investment in TSS-
Transnet, Inc., headquartered in Milton, Ontario. Rand received an additional
160 Preference Shares in TSS-Transnet. Rand now owns a total of 410
Preference shares in the company. TSS-Transnet is a single source trucking
and logistics management company specializing in Canadian and United States
freight.
INRAD, Inc. manufacturers crystal products for the laser and photonics
industry and is located in New Jersey. For further information contact:
Daniel Lehrfeld, President, INRAD, Inc., 181 Legrand Avenue, Northvale, NJ
07647, 201-767-1910 or dlehrfeld@inrad.com.
BNKR, Inc. is the premier banking marketing company and banking
application service provider, which is providing exciting, unique and
compelling programs that leverage a bank's offerings with local and national
businesses. For further information contact: Ron Buck, President, BNKR,
Inc., 7805 Telegraph Road, Suite 300, Bloomington, MN, 612-833-1664 or
info@bnkr.com.
TSS-Transnet, Inc. is a trucking and logistics management company who is a
service provider offering single source logistics solutions that encompasses
road, rail, air, ocean, and a variety of distribution services tailored to the
customers individual business needs. For further information contact: J.
Keith Robson, President, TSS-Transnet, Inc., 10862 Steeles Avenue, R.R. #4,
Milton, Ontario, Canada L9T 2X8, 905-878-8881.
Seed Capital Partners is an early stage venture fund formed in 1999 in
affiliation with SOFTBANK, the strongest, broadest family of Internet
companies and investors on the planet. Seed Capital Partners manages funds
focused primarily on early-stage Internet companies on the East Coast. Fund
directors are all experienced technology leaders with prior operating
experience as founders of early-stage information technology and Internet
companies. For further information contact: Kimberly Wantuck, Seed Capital,
Partners 620 Main Street Buffalo, NY 14202-1906, (716) 845-7520
http://www.seedcp.com.
Rand Capital Corporation (http://www.randcapital.com) is a publicly held
venture capital company, headquartered in Buffalo, New York, registered on the
NASDAQ Small Cap Market under the symbol "RAND". Rand's investment strategy
is to provide expansion capital and investment, as well as financial advisory
services, to companies both inside and outside of the Western New York
community.