BUFFALO, N.Y., Dec. 7, 2010 (GLOBE NEWSWIRE) -- Rand Capital (Nasdaq:RAND) announced that it has completed the financings of two new portfolio businesses during the month of November. The two businesses each provide unique human resource tools for mid-large businesses.

Chequed.com (Saratoga Springs, NY) (www.chequed.com) "Chequed" received a $250,000 investment from Rand as part of a $1+ million convertible note financing of the business. Commercializing research developed in partnership with The Research Foundation of The State University of New York and The University at Albany's Department of Psychology, Chequed.com has created selection tools that help human resource departments connect employee screening practices to business results.

Liazon Corporation (Buffalo, NY) (www.liazon.com) "Liazon" received a $500,000 investment from Rand as part of a $1.1 million financing with Lemhi Ventures Fund I, L.P., Ingleside Investors, LLC and management.

Ashok Subramarian, Liazon's CEO stated: "Businesses need to break the cycle of double-digit increases in their employee benefits every year, fix their benefits costs at a level they can afford, and give their employees a better way to buy the benefits they actually need.  Liazon was started three years ago on a new idea – that people, not companies, should be the decision-makers on their health insurance and other benefits.  Liazon has developed and pioneered their proprietary Benefits Exchange™, the online benefits store where employees shop for their benefits with money allocated to them by their employer." Liazon partners with leading insurance, financial services, and healthcare companies to provide a wide selection of products at various price-points so that benefits consumers can build unique benefits portfolios that are just right for them.  Headquartered in Buffalo, New York and with a sales office in New York City, Liazon is a national company licensed to provide employee benefits nationwide and currently has customers in 22 states. The funds provided for both investments will be used to support the expansion of their sales and marketing activities.

Margaret Brechtel, Vice President of Finance at Rand Capital said, "Across our portfolio companies, we consistently see how important employee hiring and human resource benefit administration is to the success of a company.  Both Chequed.com and Liazon provide unique solutions and provide the services that companies need, to successfully hire and retain quality candidates.  Both businesses have had success in client acquisition and retention to further solidify their business models and make these an excellent investment opportunity.  Rand is excited to partner with Chequed.com and Liazon and support their further growth in this dynamic area."

About Chequed.com

Founded in 2008 by some of the foremost experts in employee selection and development, Chequed.com is an emerging leader in the rapidly growing market for Predictive Employee Performance™ technology.

Using its revolutionary Performance EngineTM, Chequed.com delivers rapid, accurate predictions of a new hire's performance.  The technology's ability to track and measure relevant results contribute to HR organizations' ability to better demonstrate a clear tie to business results.

About Liazon

Liazon Corporation was founded in 2007 to tackle the spiraling inflation and deep inefficiencies within health insurance and employee benefits in America.  Liazon's approach empowers individuals to become value-seeking consumers of their benefits and provides small to middle market employers a realistic path to exit their traditional benefits management roles.  Liazon has demonstrated success in taming benefits costs for its thousands of customers across the U.S. and in helping their employees save money and get better benefits.  The Bright Choices® Benefits Exchange™ has won Best Website awards from Consumer Health World and Web Health Awards and has been featured on CNNMoney.com as a "New Vision for Fixing Healthcare".

ABOUT RAND CAPITAL

Rand Capital is a publicly held Business Development Company (BDC), and its wholly owned subsidiary is licensed by the Small Business Administration (SBA) as a Small Business Investment Company (SBIC). Rand and its subsidiary provide capital and managerial expertise to small and medium sized private companies primarily located in the Northeast U.S. Rand is traded on the NASDAQ under the symbol "RAND". Rand is headquartered in Buffalo, NY. www.randcapital.com

CONTACT:  Rand Capital Corporation
          Investor Contact: 
          Daniel P. Penberthy, Executive Vice President
          716.853.0802
          dpenberthy@randcapital.com

Released December 7, 2010