LINCOLN, Neb., Sept. 21,
2016 /PRNewswire/ -- Crossroads Capital, Inc. (Nasdaq: XRDC)
(the "Company") has announced that Mode Media Corporation ("Mode
Media"), a Crossroads Capital portfolio company, ceased operations
on September 15, 2016.
The fair value of the Company's investment in Mode Media as of
June 30, 2016, was $1,410,000 and represented 4.6% of net assets.
The Company anticipates a write-down of this investment as a result
of the cessation of operations.
At this time, the Company cannot estimate the proceeds, if any,
that it will receive from its investment in Mode Media.
However, the Company expects that it is likely that any proceeds
received as a result of Mode Media closing its doors will be less
than the fair value set forth in the Company's last quarterly
report.
The Company's determination of the fair value of its investment
in Mode Media will be made in connection with the preparation of
its upcoming quarterly report and will based on information
available at that time.
About Crossroads Capital, Inc.
Crossroads Capital,
Inc. (www.xroadscap.com) is a closed-end fund regulated as a
business development company under the Investment Company Act of
1940.
Investor Relations
Contact:
|
Ben H.
Harris
Chief Executive
Officer and President
|
|
(402)
261-5345
|
|
ben@xroadscap.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 Crossroads Capital's
current beliefs, and a number of important factors could cause
actual results to differ materially from those expressed in this
press release, including the factors set forth in "Risk Factors"
set forth in Crossroads Capital's Form 10-K and Form 10-Q filed
with the Securities and Exchange Commission ("SEC"), and subsequent
filings with the SEC. Please refer to Crossroads Capital's
SEC filings for a more detailed discussion of the risks and
uncertainties associated with its business, including but not
limited to the risks and uncertainties associated with investing in
micro- and small-cap companies. Except as required by the
federal securities laws, Crossroads Capital undertakes no
obligation to revise or update any forward-looking statements,
whether as a result of new information, future events or
otherwise. The reference to Crossroads Capital's website has
been provided as a convenience, and the information contained on
such website is not incorporated by reference into this press
release.
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SOURCE Crossroads Capital, Inc.