SOURCE: Rand Capital Corporation

July 20, 2006 10:18 ET

Rand Capital SBIC Provides Expansion Capital to Adampluseve LLC

BUFFALO, NY -- (MARKET WIRE) -- July 20, 2006 -- Rand Capital SBIC (NASDAQ: RAND) (www.randcapital.com) provided $550,000 in the form of Senior Subordinated Note with detachable Warrants to Adampluseve LLC (New York, NY) (www.adampluseve.com). This financing was part of a $1,150,000 investment that included Adam Lippes who is the founder and CEO of Adampluseve LLC. The money will be used for working capital as the Company expands its lines of fashion.

Adampluseve is a super stylish and modern luxury fashion sportswear concept for men, a+dam, and women, a+eve, which was founded by Adam Lippes who is the CEO and Creative Director. Adam has had a long and successful career in the fashion business. In 1997, he joined Oscar de la Renta, eventually becoming the Worldwide Creative Director for the entire Company. As such, he was the youngest person to hold this position at a leading international design house. Adam and his firm were recently highlighted on the Oprah Winfrey Show. More information can be found at www.adampluseve.com

Adam Lippes stated, "I am thrilled to be working with Rand Capital in the expansion of Adampluseve. We look forward to working together to grow Adampluseve into a major American lifestyle brand."

"We look forward to sharing the continued success of Adam and assisting him in expanding his fashion line. It's an exciting time for the Company and the industry," commented Pete Grum, Managing Director of Rand.

Information in this press release contains forward-looking statements and reflects the Corporation's current beliefs. Numerous factors could cause actual results to differ materially. See the Corporation's Securities and Exchange Commission filings for a discussion of risks and uncertainties associated with venture capital investing that could affect actual results. Rand Capital Corporation undertakes no obligation to revise these forward-looking statements for new events and uncertainties.

ABOUT RAND CAPITAL Rand Capital is a publicly held Business Development Company (BDC) licensed by the Small Business Administration (SBA) as a Small Business Investment Company (SBIC). Rand is traded on the NASDAQ under the symbol "RAND." Rand is headquartered in Buffalo, NY. www.randcapital.com

Contact Information

  • CONTACT:
    Allen F. Grum
    716-853-0802