THE WOODLANDS, Texas–(BUSINESS WIRE)–On April 29, 2019, Rand Capital Corporation (Rand) (NASDAQ:RAND),
announced that it has filed an updated investor presentation which
includes a response to User-Friendly Phone Book, LLC’s (“User-Friendly”)
belief that Rand shareholders would receive an approximately 66% greater
return than that offered by the East Asset Management, LLC transaction
simply from liquidating Rand’s portfolio. User-Friendly’s belief is
based on Rand’s own reported Net Asset Value (“NAV”) of $4.99 as of
December 31, 2018, contained in Rand’s SEC reports, which are personally
certified as accurate by Rand’s CEO and CFO. Rand’s new statement that
“likely realizable value of assets in liquidation [are] expected to be
less than $3.00 per share,” does not disclose that it is based on a
“fire sale” of Rand’s assets “being sold immediately or over a
relatively short period of time,” which User-Friendly believes is
misleading.1
User-Friendly never suggested a “fire sale” and does not believe there
needs to be a “fire sale” in order to benefit Rand shareholders.
User-Friendly believes that a competent execution of an orderly
liquidation of Rand’s assets—especially considering the quality of
Rand’s assets like ACV Auctions, Inc., Carolina Skiff LLC, and
Microcision LLC— over the necessary period of time, whatever that may
be, should result in a realized value well in excess of $3.00 per share.
CERTAIN INFORMATION CONCERNING THE PARTICIPANT
User-Friendly Phone Book, LLC (“User-Friendly”) is the sole participant
in this solicitation. User-Friendly has filed a preliminary proxy
statement with the Securities and Exchange Commission (“SEC”) consisting
of a proxy statement and accompanying WHITE proxy card to be used to
solicit proxies to vote against the proposed transaction with East Asset
Management, LLC at the Special Meeting of Stockholders of Rand Capital
Corporation (the “Company”) scheduled to be held on May 16, 2019.
USER-FRIENDLY STRONGLY ADVISES ALL STOCKHOLDERS OF THE COMPANY TO
READ THE PROXY STATEMENT AND OTHER PROXY MATERIALS AS THEY BECOME
AVAILABLE BECAUSE THEY CONTAIN IMPORTANT INFORMATION. SUCH PROXY
MATERIALS ARE AVAILABLE AT NO CHARGE ON THE SEC’S WEB SITE AT HTTP://WWW.SEC.GOV.
IN ADDITION, USER-FRIENDLY WILL PROVIDE COPIES OF THE PROXY STATEMENT
WITHOUT CHARGE UPON REQUEST. REQUESTS FOR COPIES SHOULD BE DIRECTED TO
USER-FRIENDLY’S PROXY SOLICITOR, MACKENZIE PARTNERS, INC., TOLL-FREE AT
(800) 322-2885 or (212) 929-5500.
As of the date hereof, User-Friendly owns 1,455,993 shares of common
stock of the Company, representing approximately 23.0% of the issued and
outstanding shares of the Company.
About User-Friendly Phone Book
Operating since 1999, User Friendly Media boasts a portfolio of print,
digital and mobile marketing solutions for small business. The company’s
product suite includes 35 print directories, User Friendly Apps, a
mobile app builder, User Friendly Mobile ads, a platform for serving
locally-targeted mobile ad impressions and GoLocal247.com, one of the
fastest growing local business directory websites in the country.
1 Page 3 of Appendix F in Rand’s definitive proxy statement
filed April 18, 2019
Contacts
Matthew Bretzius
FischTank Marketing and PR
[email protected]
