FARMINGTON, Conn. and TUCKER, Ga., July 30, 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 led a $15 million venture loan facility for Lehigh Technologies, Inc. ("Lehigh").
Lehigh is a specialty materials company which produces micronized rubber powders (MRP), a lower cost, high-performance, sustainable material that can be used in applications such as tires, asphalt, coatings and polyurethanes. Lehigh is backed by leading venture capital firms, including Kleiner, Perkins, Caufield & Byers, Index Ventures, and Leaf Clean Energy Company and has recently expanded into Europe. Lehigh will use the loan proceeds for working capital and capital expenditures.
"As a leader in sustainable materials, Lehigh Technologies represents a solid addition to our growing venture loan portfolio," stated Gerald A. Michaud, President of Horizon. "Lehigh's proprietary manufacturing technology converts waste rubber into micronized rubber powders, which are used in a wide variety of industrial applications and provide numerous environmental benefits. This loan facility will support Lehigh's global expansion initiatives and manufacturing process upgrades."
Dr. Alan Barton, CEO of Lehigh Technologies, stated, "We are pleased to receive this important financing led by Horizon, a lender with a strong array of financial products and an experienced team of lending experts. We appreciate Horizon's confidence in our long-term vision and strategy to expand into various markets, both domestically and abroad, and help our customers reduce costs and to achieve their sustainability goals."
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.
About Lehigh Technologies
Lehigh Technologies is a leading specialty materials company that produces high-performance micronized rubber powders (MRP), a lower cost, high-performance, sustainable specialty material that replaces oil-based materials to reduce costs and cut waste. Lehigh's cryogenic turbo mill technology converts end-of-life tires and other post-industrial rubber into micron-scale powders used in a wide range of consumer and industrial applications. Customers include more than 60 leading tire, asphalt and plastics companies around the world. To learn more, visit lehightechnologies.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