May 10, 2013 at 13:54 PM EDT
Firsthand Technology Value Fund Announces First Quarter 2013 Financial Results, NAV of $23.26 Per Share

SAN JOSE, Calif., May 10, 2013 (GLOBE NEWSWIRE) -- Firsthand Technology Value Fund, Inc. (Nasdaq:SVVC) (the "Fund"), a publicly-traded venture capital fund that invests in technology and cleantech companies, announced today its financial results for the first quarter ended March 31, 2013.

As of March 31, 2013, the Fund's net assets were approximately $199.0 million, or $23.26 per share, compared with net assets of approximately $195.9 million, or $22.90 per share as of December 31, 2012. As of March 31, 2013, the Fund's portfolio included public and private securities valued at approximately $63.8 million, or $7.46 per share, and approximately $135.0 million, or $15.77 per share, in cash.

Portfolio Summary (as of 3/31/13)
InvestmentFair ValueFair Value per Share1
Equity/Debt Investments $63.85 million $7.46
Cash $134.97 million $15.77
Other Assets $1.22 million $0.15
Total Assets $200.04 million $23.38
Total Liabilities $1.04 million $0.12
Net Assets$199.00 million$23.26
1Total shares outstanding: 8,556,480

During the quarter, the Valuation Committee, which is composed of three independent directors, adjusted the fair values of the private companies in our portfolio. In arriving at these determinations and consistent with the Fund's valuation procedures, and ASC 920 (formerly FAS 157), the Valuation Committee took into account many factors, including the performance of the portfolio companies, recent transactions in the companies' securities, as well as the impact of changes in market multiples within certain sectors.

In the first quarter of 2013, the Fund earned approximately $266,100 in interest income. The Fund reported a net investment loss of approximately $886,520. The Fund reported a net realized and unrealized gain on investments of approximately $4.0 million for the quarter.

Throughout the quarter, the Fund continued its efforts to manage its portfolio prudently, including working with its portfolio companies and their management teams to seek to enhance performance and uncover potential exit opportunities.

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.

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.

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
Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here