FARMINGTON, Conn. and WALTHAM, Mass., May 13, 2015 (GLOBE NEWSWIRE) -- Horizon Technology Finance Corporation (Nasdaq:HRZN) ("Horizon"), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services and cleantech industries, announced today it has closed a $5 million venture loan facility to SavingStar, Inc. ("SavingStar"), a money saving service that helps shoppers save on groceries and online purchases. SavingStar will use the proceeds for general working capital purposes.
"Supported by its unique platform, growing membership base and strong business partnerships, SavingStar is an attractive portfolio company for Horizon," stated Gerald A. Michaud, President of Horizon. "Our venture loan facility provides SavingStar with meaningful capital to drive its growth, as it continues to deliver cost savings to its members at grocery and drug stores and continues to develop more relationships with top tier consumer packaged goods companies."
David Rochon, Chief Executive Officer of SavingStar, stated, "Horizon's venture loan facility provides us with the financial flexibility to achieve our growth objectives. We are pleased to have Horizon's team of experts as a financing partner while we continue to build our business relationships and deliver significant cost savings to our loyal members."
About Horizon Technology Finance
Horizon Technology Finance Corporation is a leading specialty finance company that provides capital in the form of secured loans to companies backed by venture capital firms within the technology, life science, healthcare information and services and cleantech industries. The investment objective of Horizon is to maximize total returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants that it receives when making such loans. Headquartered in Farmington, Connecticut, Horizon has regional offices in Walnut Creek, California and Reston, Virginia. Horizon's common stock trades on the NASDAQ Global Select Market under the ticker symbol "HRZN". To learn more, please visit www.horizontechnologyfinancecorp.com.
SavingStar is the smart and simple way to save. Shoppers earn cash back on groceries with offers linked to their store loyalty cards or validated when they submit a picture of their receipt. SavingStar's Cash Back Mall enables shoppers to earn cash back at hundreds of popular online stores. Members earn even more cash back with the SavingStar American Express Card. SavingStar automatically adds the value of each cash back offer into members' SavingStar accounts, enabling them to pick their payout from deposits to their bank or PayPal account, gift cards, or charity donations.
SavingStar's unique technology enables CPGs to run cost-effective digital promotions at over 60,000 grocery and drug stores nationwide. The company's signature promotion is its exclusive One or Many loyalty program which requires shoppers to reach a specified purchase threshold over one or many shopping trips at one or many retailers in order to earn a high value reward. Its consumer service is free for shoppers to use and has grown to over 6 million members. SavingStar also white-labels its technology, powering the grocery promotions for Upromise, NutriSavings, and other large businesses. The company is based in Waltham, MA. For more information, visit www.savingstar.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.
CONTACT: Horizon Technology Finance Christopher M. Mathieu Chief Financial Officer (860) 676-8653 email@example.com Investor Relations and Media Contacts: The IGB Group Matt Steinberg / Leon Berman (212) 477-8261 / (212) 477-8438 firstname.lastname@example.org / email@example.comSource:Horizon Technology Finance Corporation