Harris & Harris Group, Inc. noted the announcement today by Optiva, Inc. (www.optivainc.com) of the second closing in the amount of $21 million of its $30 million total Series C funding. The second closing was led by J P Morgan Partners. Harris & Harris Group invested $500,000 in the first closing and $750,000 in the second closing, for a total investment of $1,250,000. Optiva is now Harris & Harris Group's single largest investment in the tiny-technology space, in terms of total dollars invested. On December 24, 2002, Harris & Harris Group had announced that it had made a $750,000 tiny-tech follow-on investment without identifying the investee company, pending Optiva's announcement of today.
The funds will be used to expand operations, sales and application support efforts, as well as to support ongoing research and development to enhance Optiva Thin Film (TCF (TM)) technology. The company's first products are a new class of self-assembling polarizers, retarders and enhancement films that address the flat panel display industry. Optiva TCF Films simplify display construction, while making them more durable, thinner and with better viewing performance.
Harris & Harris Group is a publicly traded venture capital company. The Company now makes initial investments exclusively in tiny-technology enabled companies, and its last eight initial private equity investments have been in such companies.
Harris & Harris Group, Inc. is a Business Development Company with 11,498,845 common shares outstanding.
Detailed information about Harris & Harris Group, Inc. and its holdings can be found on its website at http://www.TinyTechVC.com.
This press release may contain statements of a forward-looking nature relating to future events. Statements contained in this press release that are forward looking statements are intended to be made pursuant to the Safe Harbor Provisions for the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Please see the Company's Annual Report on Form 10-K and recent Prospectus filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company's business, including but not limited to the risks and uncertainties associated with venture capital investing and other significant factors that could affect the Company's actual results. Except as otherwise required by Federal securities laws, Harris & Harris Group, Inc. undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties.