Horizon Technology Finance Leads $6 Million Venture Loan Facility for Nanocomp Technologies
FARMINGTON, CT and MERRIMACK, NH -- (Marketwired) -- 10/30/13 --
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 science, healthcare information and services, and clean-tech industries, today announced it led a $6 million venture loan facility for Nanocomp Technologies, Inc. ("Nanocomp"), a developer of high performance materials and component products made from carbon nanotubes (CNTs).
Nanocomp will use the funds for working capital purposes. Horizon funded an initial $1 million of its $2 million commitment under the venture loan facility.
"We are delighted to add Nanocomp to our high-quality loan portfolio. The company's advanced carbon-based materials provide strategic advantages for its commercial and defense customers," stated Gerald A. Michaud, President of Horizon. "Nanocomp's innovative products are considered critical for national defense and can be applied across a wide range of commercial end-markets, including aerospace and defense, aviation, automotive and energy. We look forward to working with Nanocomp on their exciting journey to revolutionize CNT manufacturing and integration."
Peter Antoinette, Co-Founder, President & CEO of Nanocomp stated, "The $6 million loan facility led by Horizon provides a valuable enhancement to Nanocomp's capital structure as we continue to meet the demand for our carbon nanotube products. We appreciate the support we have received from Horizon, a leading venture lender, which is testament to Nanocomp's promising future."
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 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, Horizon 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, Horizon'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.
Nanocomp Technologies (NTI) is delivering a new generation of advanced materials that provide revolutionary performance while saving energy. The Company is the only commercial producer of carbon nanotube-based lightweight sheets, tapes, wires, and yarns. Nanocomp's products offer superior mechanical, thermal and electrical properties for aerospace and defense, aviation, automotive, energy and consumer applications. The U.S. Department of Defense has designated the Company's materials as "critical for national defense." Nanocomp recently opened a new 100,000 square foot advanced manufacturing facility in Merrimack, NH, increasing its production capacity to meet the needs of defense and commercial customers. For additional information, please visit www.nanocomptech.com.
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and 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. Horizon 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.
Horizon Technology Finance Corporation
Christopher M. Mathieu
Chief Financial Officer
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Source: Horizon Technology Finance Corporation
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