Rand Capital Announces Sale of Its Innov-X Systems, Inc.

Rand Capital Corporation RAND ("Rand"), a business development company (BDC) that provides capital for small to medium-sized private companies, announced that it has sold/redeemed its investment holdings in Innov-X Systems, Inc., (Woburn, MA) (www.innovx.com). Innov-X had been acquired on July 1, 2010 by Olympus NDT Corporation, (Waltham, MA) (www.olympus-ims.com) and will be a consolidated subsidiary of Tokyo, Japan based Olympus Corporation. Innov-X built a global business as a developer, manufacturer and supplier of portable X-ray fluorescence (XRF) analyzers that are used to determine the types and amounts of elements that make up objects. This non-destructive technology provides a quick and accurate way to carry out elemental analyses of a variety of substances, including solids, powders and liquids. Innov-X's 2009 revenues were previously disclosed by Olympus as $40 million.