Firsthand Technology Value Fund Discloses Top Portfolio
and Preliminary June 30, 2012 Assets
San Jose, CA, July 9, 2012- 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 June 30, 2012 were Facebook,
SolarCity, Intevac, Yelp, and Silicon Genesis.
Facebook, Inc. (NASDAQ: FB) is an online social
networking service with approximately 900 million active
users worldwide. As of June 30, 2012, the Fund's
investment in Facebook consisted of 600,000 shares of
common stock and represented approximately 8% of the
Fund's gross assets.
Solar City Corp. is a leading installer of commercial and
residential solar photovoltaic systems. As of June 30,
2012, the Fund's investment in SolarCity consisted of
approximately 420,000 shares of common stock and
represented approximately 3% of the Fund's gross
Intevac, Inc. (NASDAQ: IVAC) produces manufacturing
equipment for the solar photovoltaic and disk drive
industries. As of June 30, 2012, the Fund's
investment in Intevac consisted of 545,156 shares of
common stock and represented approximately 2% of the
Fund's gross assets.
Yelp, Inc. (NASDAQ: YELP) operates a social networking
website that allows users to search for and post reviews
of local businesses. As of June 30, 2012, the Fund's
investment in Yelp consisted of 125,000 shares of common
stock and represented approximately 1% of the Fund's
Silicon Genesis Corp. is a developer of layer transfer
technology for the semiconductor and solar industries. As
of June 30, 2012, the Fund's investment in Silicon
Genesis consisted of approximately 8.5 million shares of
preferred and common stock, various convertible
securities, and warrants to purchase additional common
and preferred stock. Silicon Genesis securities
represented approximately 1% of the Fund's gross
assets as of June 30, 2012.
The Fund also announced that, as of June 30, 2012, preliminary
gross assets of the Fund were approximately $203 million, or
$23.75 per share, including cash of approximately $19.30 per
share. As of that date, the Fund's top five holdings
constituted 15% of the Fund's gross assets. Complete
financial statements and a detailed schedule of investments for
the period ended June 30, 2012 will be made available with the
Fund's quarterly report filing on Form 10-Q in August
About Firsthand Technology Value Fund
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,"
"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.