MONTCLAIR, N.J., May 01, 2017 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (NASDAQ:TURN) (“180” and the “Company”), today reported financial results as of March 31, 2017. Key results include:
- In the quarter, net asset value and net asset value per share increased to $75.5 million and $2.43, or 4.5 percent and 3.8 percent, respectively.
- 180 completed its transition from a business development company to a registered closed-end fund.
- Kevin Rendino joined the Company on a full-time basis as its Chief Executive Officer and Portfolio Manager to lead its focus on investing in deeply undervalued small publicly traded companies.
- Reduced operating expenses will lead to material reduction in 180’s expense base as a percent of net assets in 2017 and 2018.
“We are happy we are through the transition and have already begun executing on our new strategy,” said Mr. Rendino. “Thank you to our shareholders for your support over the last several months. Given I’ve been a public markets investor for 30 years, I am keenly aware of the expectations you have for 180 Degree Capital. You will judge our success based on the path of our stock price. We will do the same.”
Mr. Rendino and Daniel Wolfe, the Company’s President, Chief Financial Officer and Portfolio Manager, will host a conference call tomorrow, Tuesday, May 2, 2017, at 9am Eastern Time, to discuss the results from the first quarter of 2017 and the 180’s strategy to build shareholder value. The call can be accessed by phone at (641) 715-0632 passcode 415049 or via the web at join.freeconferencecall.com/daniel8166. Additionally, slides that will be referred to during the presentation can be found on 180’s investor relations website at ir.180degreecapital.com under the menu option, Calendar of Events.
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.