180 Degree Capital Corp. Announces an Investment in Synacor, Inc.
NEW YORK, April 12, 2017 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN), (“180” and the “Company”) announced today that it participated in the recent public offering by Synacor, Inc., purchasing 650,000 shares for a total investment of $2.275 million.
Synacor is a technology development, multiplatform services and revenue partner for video, internet and communications providers, device manufacturers, and enterprises. It delivers modern, multiscreen experiences and advertising to its consumers that require scale, actionable data and sophisticated implementation.
“We are excited to make SYNC the first investment of our new investment focus at 180,” said Kevin Rendino, Portfolio Manager and Chief Executive Officer of 180. “Synacor has undergone a significant transformation during the past two years. We are impressed with the management team and the direction of the company as they continue to position the company to capitalize on multiple growth opportunities.”
Daniel B. Wolfe, Portfolio Manager and President of 180 added, “We are pleased that we were able to take advantage of this investment opportunity and will continue to look for other public companies that fit our investment criteria.”
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.
Forward-Looking Statements
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.
Press Contact: Daniel B. Wolfe 180 Degree Capital Corp. 973-746-4500
Released April 12, 2017