|For Immediate Release
Hercules Provides $3 Million to Prism Education Group, Inc., a Provider of Post-Secondary Allied Health and Nursing Education
Palo Alto, Calif., July 11, 2007 – Hercules Technology Growth Capital, Inc. (NASDAQ: HTGC), a leading specialty finance company providing growth capital in the form of venture debt and equity to venture capital and private equity backed technology and life science companies at all stages of development, announced today that on June 29, 2007, it provided $3 million of venture debt to Prism Education Group, Inc. Distinctive from other companies in Hercules’ healthcare portfolio, Prism Education Group is a post-secondary education company focused on providing education and training programs for careers in allied health and nursing, legal and business.
“The venture debt financing to Prism reinforces Hercules’ on-going commitment to finance companies focused on improving and enhancing the healthcare industry,” said Mark Denomme, managing director at Hercules. “Prism’s executive team brings extensive healthcare experience to the development of its training programs and positions the company for positive growth.”
Prism Education Group currently offers specialized associate degree and diploma -level career training programs on four campuses located in the Greater Philadelphia area. The company is experiencing significant growth from its Practical Nursing programs, which provide a pathway to opportunities in the nursing profession for non- traditional students and help to address the critical shortage of nurses. Prism is backed by a group of leading venture capital investors, including HLM Venture Partners, Conning Capital Partners, and Salix Ventures.
“We offer focused training and education for adults seeking career opportunities in the growing nursing, allied health and business professions and Hercules’ venture debt financing will allow us to continue to grow and create new opportunities for our students,” said Steven Garfinkle, co-founder and chief executive officer of Prism Education Group, Inc. “Allied health education programs are currently the fastest growing sectors within the post-secondary education industry, and the growth capital will bolster our program development and recruitment activities.”
About Hercules Technology Growth Capital, Inc.:
Founded in December 2003, Hercules Technology Growth Capital, Inc. is a NASDAQ traded specialty finance company providing debt and equity growth capital to technology and life science companies at all stages of development. The Company primarily finances privately held companies backed by leading venture capital and private equity firms and also may finance certain publicly-traded companies. Hercules’ strategy is to evaluate and invest in a broad range of ventures active in technology and life science industries and to offer a full suite of growth capital products up and down the capital structure to prospective clients ranging from early-stage growth to expansion stage companies. The Company's investments are originated through its principal office located in Silicon Valley, as well as additional offices in the Boston, Boulder, Costa Mesa and Chicago areas. Providing capital to publicly-traded or privately-held companies backed by leading venture capital and private equity firms involves a high degree of credit risk and may result in potential losses of capital.
For more information, please visit www.HTGC.com. Companies interested in learning more about financing opportunities should contact info@HTGC.com, or call 650.289.3060.
About Prism Education Group, Inc.
Prism Education Group, Inc. is a post secondary career education company based in Newton, Massachusetts. The company current operates four schools which offer diploma and specialized associates level programs with an emphasis on allied health, nursing and specialized business education in the Northeastern U.S. For more information, please visit www.prismcareerinstitute.com and www.pjaschool.com.
The statements contained in this release that are not purely historical are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify from time to time in our filings with the Securities and Exchange Commission. Although we believe that the assumptions on which these forward-looking statements are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Hercules assumes no obligation to update the forward-looking statements for subsequent events.
Hercules Technology Growth Capital, Inc.
Sally Borg, 650.289.3066