PALO ALTO, Calif., Dec 02, 2008 (BUSINESS WIRE) --
Hercules Technology Growth Capital, Inc. (NASDAQ: HTGC), the leading specialty finance company providing venture debt and equity to venture capital and private equity backed technology and life science companies at all stages of development, announced that it has received repayments from four companies within its Technology portfolio. These four repayments were previously identified as Grade 3 credit quality.
"Hercules' strong performance, demonstrated by improving liquidity and maintaining solid credit quality in its portfolio continues against a backdrop of significant deterioration in the broader financial services markets. This achievement is a testament to our ability to find, originate and maintain strategic relationships with VC-backed technology companies, as well as secure positive results in the face of a challenging credit and liquidity environment," said Manuel Henriquez, co-founder, chairman and chief executive officer of Hercules.
During the fourth quarter, four of Hercules' portfolio companies have negotiated workout arrangements or have paid down significant amounts of their outstanding loans allowing Hercules to realize repayments of the original loan amounts with those companies, totaling over $16 million.
OnTech (www.ontech.com), a provider of portable self-heating containers for food packaging arranged a repayment of approximately $6.6 million.
Quartics (www.quartics.com), a provider of media processing solutions, enabling streaming media over wireless and wired networks, arranged a repayment of approximately $3.5 million.
GameLogic (www.gamelogic.com), a privately held gaming company focused on patent-pending interactive technology and marketing strategies to reach players when they are away from the casino arranged a repayment of approximately $2.3 million.
iWatt (www.iwatt.com), a power management IC company that designs, develops and markets semiconductors for computer, communications and industrial markets, arranged a repayment of approximately $3.8 million.
"These early repayments and workout arrangements are further evidence of our commitment to actively monitor and work with the management and the financial sponsors of each portfolio company throughout the life of the investment, particularly in this challenging economic environment," said Manuel A. Henriquez, co-founder, chairman and chief executive officer of Hercules. "We continue to strive to find balance between serving our portfolio companies as a strategic partner and ensuring discipline in our credit quality to protect our strong liquidity position and our shareholders' interests."
About Hercules Technology Growth Capital, Inc.:
Hercules Technology Growth Capital, Inc. is a NASDAQ traded specialty finance company providing debt and equity growth capital to technology and life science companies at all stages of development. Founded in December 2003, the company primarily finances privately held companies backed by leading venture capital and private equity firms. Hercules invests in a broad range of ventures active in technology and life science industries and offers a full suite of growth capital products up and down the capital structure. The company is headquartered in Palo Alto, Calif. and has additional offices in the Boston, Boulder, San Diego and Chicago areas. Providing capital to publicly-traded or privately-held companies backed by leading venture capital and private equity firms involves a high degree of credit risk and may result in potential losses of capital. For more information, please visit www.HTGC.com.
Companies interested in learning more about financing opportunities should contact info@HTGC.com, or call 650.289.3060.
The statements contained in this release that are not purely historical are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify from time to time in our filings with the Securities and Exchange Commission. Although we believe that the assumptions on which these forward-looking statements are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Hercules assumes no obligation to update the forward-looking statements for subsequent events.
SOURCE: Hercules Technology Growth Capital, Inc.
Hercules Technology Growth Capital, Inc.
Main, 650.289.3060 HT-HN
Sally Borg, 650.289.3066
Copyright Business Wire 2008
News Provided by COMTEX