Horizon Technology Finance Closes $5 Million Venture Loan to SimpleTuition
FARMINGTON, Conn. and BOSTON, Aug. 29, 2012 (GLOBE NEWSWIRE) -- Horizon Technology Finance Corporation (Nasdaq:HRZN) ("Horizon"), a leading specialty finance company that provides secured loans to venture capital and private equity backed development-stage companies in the technology, life sciences, healthcare information and services, and clean-tech industries, today announced that it has closed a $5 million venture loan to SimpleTuition, Inc. ("SimpleTuition"), a leading provider of tips, advice and interactive tools that help students save on college-related expenses. The funds provided to SimpleTuition will support its continued growth.
"SimpleTuition is a unique and exciting company, providing significant value to students and their families seeking to address the rising costs of college tuition," stated Gerald A. Michaud, President of Horizon. "The company has developed a wide range of innovative tools and offerings with a focus on affordable higher education. Horizon is pleased to provide this venture debt financing to SimpleTuition as the company continues to grow its interactive platform and help meet a critical need for millions of college students."
Kevin Walker, Co-Founder and CEO of SimpleTuition, stated, "This venture loan from Horizon has increased our liquidity as we continue to expand our tools and services to assist college students in managing the costs of higher education. We appreciate this new partnership with Horizon, a highly respected direct originator of venture loans. Their ability to seamlessly provide our company with a customized financing solution has strengthened our position to drive future growth."
About Horizon Technology Finance
Horizon Technology Finance Corporation is a business development company that provides secured loans to development-stage companies backed by established venture capital and private equity firms within the technology, life science, healthcare information and services, and clean-tech industries. The investment objective of Horizon Technology Finance is to maximize total risk-adjusted returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants to purchase the equity of portfolio companies. Headquartered in Farmington, Connecticut, with regional offices in Walnut Creek, California
and Reston, Virginia, the Company is externally managed by its investment advisor, Horizon Technology Finance Management LLC. Horizon's common stock trades on the NASDAQ Global Select Market under the ticker symbol, "HRZN." In addition, the Company's 7.375% Senior Notes due 2019 trade on the New York Stock Exchange under the ticker symbol "HTF." To learn more, please visit www.horizontechnologyfinancecorp.com.
Since its launch in 2006, SimpleTuition has helped more than 10 million families afford higher education. SimpleTuition.com features tips, advice, interactive tools and deals that ensure students plan better for college costs, pay less for college-related expenses, and be smarter about how they manage and pay back their student loans. Named Best Financial Services Site by Kiplinger's, SimpleTuition is headquartered in Boston, Mass., and is funded by Atlas Venture, Flybridge Capital Partners, and North Hill Ventures. For more information, visit SimpleTuition.com.
Statements included herein may constitute "forward-looking statements," which relate to future events or our future performance or financial condition. These statements are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. The Company undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
CONTACT: Horizon Technology Finance Corporation
Christopher M. Mathieu
Chief Financial Officer
Investor Relations and Media Contacts:
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Leon Berman / Michael Cimini
(212) 477-8438 / (212) 477-8261
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Source: Horizon Technology Finance Corporation
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