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ORLANDO, FL – Enterprise Florida, Inc. (EFI) announced today that its Minority and Small Business Entrepreneurship Capital (MaSBEC) division is producing an additional investment in GENICON®, a Winter Park company recognized as a leader in the medical-device market. This support, in conjunction with a subsequent round of funding, will allow the company to complete construction of a second clean room, bringing more of its manufacturing in-house and leading to up to 30 new local jobs in 2015.
GENICON® is recognized as an emerging leader in the design, production, and distribution of patented surgical instrumentation focused exclusively on laparoscopic surgery. Founded in 1998 and based in Orlando, GENICON® remains today as it originated: a company driven to meet the needs of modern-day healthcare through the harmonization of clinical needs and the economic demands of a global healthcare system.
“We welcome this involvement by Enterprise Florida,” said Gary Haberland, founder and CEO of GENICON®. “It has been supporting our growth – and the growth of hundreds of other Florida companies – for years. And for Enterprise Florida to provide this growth capital and work with us to create a more significant line of credit with a private bank, truly demonstrates their long-term commitment to companies like GENICON®.”
WINTER PARK, FLA. – Advantage Capital Partners has announced an investment in GENICON, a designer, manufacturer and global distributor of over 200 products in the laparoscopic surgery market. GENICON, headquartered in Winter Park, Fla., offers innovative products across the U.S. and to over 60 international markets.
The investment will allow GENICON to expand its facilities and grow its central Florida workforce. Rand Capital (NASDAQ: RAND) also committed financing to the deal, bringing the total investment amount to almost $4 million.
“GENICON has built a great reputation for new product development,” said Chris Harris of Advantage Capital Partners. “This growth capital will allow GENICON to accelerate its expansion into complementary products and drive the company to the next level of revenue and profitability.” Harris will join the GENICON board.
GENICON has long-standing distribution agreements with third parties in a number of international markets, including the U.K., Italy, Spain, South Korea, South Africa, the Middle East and China. The company brings product directly to the surgical market in the U.S. and abroad.
In 2014, GENICON was recognized for its strength in the export market by the U.S. Department of Commerce and received the President’s “E” Award for Exports presented by U.S. Secretary of Commerce Penny Pritzker. The “E” Awards are the highest recognition any U.S. entity may receive for making a significant contribution to the expansion of U.S. exports.
“This financial investment will support GENICON’s continued double-digit revenue growth,” said N. Michael Wolsonovich Jr., the GENICON board member representing Series A investors.
“We are excited about this next chapter for our company,” said Gary Haberland, founder and CEO of GENICON. “We are a company that is driven to meet the needs of today’s health-care system through both the harmonization of clinical needs and the economic demands of a global health-care system.”
About Advantage Capital
Advantage Capital Partners is an investment advisor registered under the Investment Adviser Act of 1940. Registration does not imply a certain level of skill or training. This release is not intended to be an advertisement subject to the rules under the Investment Advisers Act of 1940.
N. Alyson Gabel
Rand Capital Invests $500 Thousand in Medical Device Manufacturer
• GENICON is an emerging leader in the design, production and distribution of surgical products focused on the laparoscopic surgery market
• Capital infusion supports GENICON’s continued double-digit revenue growth
BUFFALO, NY, April 20, 2015 — Rand Capital Corporation (NASDAQ: RAND) (“Rand”), a business development company that makes venture capital investments in companies with emerging product, service or technology concepts, announced that it recently invested $500,000 as part of a $4 million equity capital infusion in GENICON, Inc. (http://geniconendo.com/). GENICON is recognized as an emerging leader in the design, production, and distribution of patented surgical instrumentation focused exclusively on laparoscopic surgery. Rand’s primary co-investor is Advantage Capital Partners, a venture capital firm which invests in entrepreneurial small businesses in communities that are underserved by traditional sources of capital.
GENICON, which has built a reputation for innovative new product development, was recently awarded two 36-month group purchasing agreements with the Premier Healthcare Alliance for its full range of Endomechanical products and Trocar products. The business has long-standing distribution agreements in a number of international markets including the UK, Italy, Spain, South Korea, South Africa, the Middle East and China, as well as the US market. In 2014, GENICON was recognized for its significant contributions to the expansion of US exports by the US Department of Commerce, having been awarded the President’s “E” Award for Exports.
Daniel P. Penberthy, Rand’s Executive Vice President, commented, “GENICON is an innovative and exciting venture in the healthcare field and has demonstrated the success of its products with double digit growth in sales. While the business is outside our typical geographic investment region, our trusted and frequent co-investment partner, Advantage Capital Partners, introduced us to GENICON. After review, we readily understood their excitement about the company’s technologies, unique market segment and opportunities for future growth and market expansion.”
Gary Haberland, founder and CEO of GENICON, added, “This growth capital will enable us to expand our sales and marketing efforts and continue product development in order to gain scale in our markets. Rand and Advantage are strong partners for us and we appreciate their confidence in our technology and growth plans.”
Founded in 1998 and based in Orlando, FL, GENICON is a privately held firm in which several of its shareholders are surgeons who utilize the company’s products. GENICON is a company driven to meet the needs of modern-day healthcare through the harmonization of clinical needs and the economic demands of a global healthcare system.
Advantage Capital Partners provides equity and debt capital, along with strategic and operational counsel, to businesses that have the potential for both superior investment returns and meaningful community impact. The firm is an investment advisor registered under the Investment Advisor Act of 1940. More information about Advantage Capital is available on its website at: http://www.advantagecap.com/.
Rand Capital (NASDAQ: RAND) provides investors the opportunity to participate in venture capital opportunities through an investment in the Company’s stock. Rand is a Business Development Company (BDC), and its wholly-owned subsidiary is licensed by the U.S. Small Business Administration (SBA) as a Small Business Investment Company (SBIC). Rand focuses its investments in early or expansion stage companies with strong leadership that are bringing to market new or unique products, technologies or services that have a high potential for growth. Additional information can be found at the Company’s website where it regularly posts information: www.randcapital.com.
Safe Harbor Statement This news release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements include, but are not limited to, statements concerning future revenue and earnings, involve known and unknown risks, uncertainties and other factors that could cause the actual results of the Corporation to differ materially from the results expressed or implied by such statements, including general economic and business conditions, conditions affecting the valuation of the Corporation’s portfolio, the timing and opportunity for investments or divestitures as well as conditions affecting the portfolio companies’ markets, competitor responses, and market acceptance of their products and services and other factors disclosed in the Corporation’s periodic reports filed with the Securities and Exchange Commission. Consequently, such forward looking statements should be regarded as the Corporation’s current plans, estimates and beliefs. The Corporation assumes no obligation to update the forward-looking information contained in this release.