Harris & Harris Group, Inc. announced today that it has invested $750,000 as part of a $9.2 million Convertible Preferred financing of privately held NanoGram Devices Corporation (www.nanogramdevices.com). Shareholders of Harris & Harris Group may be interested in reading the NanoGram Devices Corporation press release dated January 31, 2003 for more details. In that press release, NanoGram Devices notes that Ken Westrick, former Chief Executive Officer of New Focus, Inc. and a member of the board of directors of NeoPhotonics, has been appointed Chief Executive Officer of NanoGram Devices. The press release also notes that other investors in the financing included Venrock Associates, Nth Power Technologies, Bay Partners, Rockport Capital Partners and SBV Ventures Partners. NanoGram Devices is a spinoff of privately held NeoPhotonics Corporation (www.neophotonics.com). Harris & Harris Group invested $1,000,000 in NeoPhotonics in March of 2002.
NanoGram Devices has developed and is commercializing specialized power sources for medical devices and other medical equipment based on its patented, laser-based nanomaterial synthesis technology.
Harris & Harris Group is a publicly traded venture capital company. The Company's last nine private equity investments have been in tiny-technology enabled 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.