Crossroads Capital (XRDC) Says Portfolio Company Ceased Operations
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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.
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