Gladstone Investment Corporation Acquires Old World Christmas

MCLEAN, Va., Oct. 21, 2014 (GLOBE NEWSWIRE) -- Gladstone Investment Corporation (Nasdaq:GAIN) ("Gladstone Investment") announced today that on October 14, 2014, it acquired the assets of O.W.A., Inc. (d/b/a "Old World Christmas"). Gladstone Investment, together with certain members of the executive management team of Old World Christmas, provided preferred and common equity, senior debt and a revolving credit facility to complete the transaction. Old World Christmas, founded in 1979 and headquartered in Spokane, WA, is a designer and distributor of an extensive collection of blown glass Christmas ornaments, table top figurines, vintage-style Light Covers and nostalgic greeting cards into the independent gift channel. Gladstone Investment is partnering with new CEO and industry executive Doug Lauer on the transaction.

"Gladstone Investment is excited about the opportunity to work with Doug and the rest of this experienced management team. Old World Christmas has an outstanding reputation and thousands of loyal customers in the independent gift channel, and we look forward to supporting the team as they continue to build on that foundation," said Kyle Largent, Managing Director of Gladstone Investment.

Gladstone Investment Corporation is a publicly traded business development company that seeks to make debt and equity investments in small and mid-sized businesses in the United States in connection with acquisitions, changes in control and recapitalizations. Additional information on the transaction can be found at www.gladstonecompanies.com.

For Investor Relations inquiries related to any of the monthly dividend paying Gladstone funds, please visit www.gladstone.com.

Forward-looking Statements:

The statements in this press release regarding the longer-term prospects of Old World Christmas and its management team, and the ability of Old World Christmas to grow and expand are "forward-looking statements." These forward-looking statements inherently involve certain risks and uncertainties in predicting future results and conditions. Although these statements are based on Gladstone Investment's current plans that are believed to be reasonable as of the date of this press release, a number of factors could cause actual results and conditions to differ materially from these forward-looking statements, including those factors described from time to time in Gladstone Investment's filings with the Securities and Exchange Commission. Gladstone Investment undertakes no obligation to publicly release the result of any revisions to these forward looking statements that may be made to reflect any future events or otherwise, except as required by law.

CONTACT: For further information:
         Gladstone Investment Corporation, 703-287-5893

Released October 21, 2014