180 Degree Capital Corp.’s Portfolio Company, TheStreet, Inc., Sells RateWatch to S&P Global for $33.5 Million
MONTCLAIR, N.J., June 20, 2018 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (“180”) (NASDAQ:TURN), notes today that its portfolio company, TheStreet, Inc. (“TST”), sold its RateWatch business for $33.5 million to S&P Global Market Intelligence, a leading provider of transparent and independent ratings and data to the capital, corporate and commodities markets worldwide.
RateWatch provides 4,200 bank and credit union clients with a robust bank deposit and loan rate database covering 100,000 locations and dating back nearly 20 years. RateWatch has approximately 60 employees and 2017 revenues of $7.7 million. It was acquired by TST in 2007.
“We congratulate TST on the sale of RateWatch to S&P,” said Kevin M. Rendino, Chief Executive Officer of 180 Degree Capital Corp. “When we helped facilitate the removal of its preferred stock overhang in November 2017, we believed TST’s business-to-business (“B2B”) assets were worth at least two-times trailing revenue. We couldn’t be happier with this outcome and look forward to the company’s continued efforts to enhance shareholder value.”
About 180 Degree Capital Corp.
180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 and its holdings can be found on its website at www.180degreecapital.com.
Daniel B. Wolfe
180 Degree Capital Corp.
This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Please see the Company's securities filings filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company's business and other significant factors that could affect the Company's actual results. Except as otherwise required by Federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. The reference and link to the website www.180degreecapital.com has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release. 180 is not responsible for the contents of third party websites.
Released June 20, 2018