Harris & Harris Group, Inc. noted today that its portfolio company, Experion Systems, Inc. (www.experionsystems.com) has received full subscription to a $2.5 million Series C equity financing. Following the completion of this round, in which Harris & Harris Group has previously disclosed its participation, Harris & Harris Group now owns a fully diluted 12.44 percent interest in Experion Systems, in which Harris & Harris Group was a seed investor in 2000.
Experion Systems also announced that Alex d'Arbeloff and Tom Sargent have joined its board of directors. Mr. d'Arbeloff co-founded Teradyne, Inc. and served as its President and CEO from 1971 to 1997. He has served as Chairman of MIT since 1997 and has been active in the venture community since the late 1970s. Mr. Sargent has been President and CEO of First Tech Credit Union, with $1.2 billion in assets, since 1985.
Experion Systems provides automated advice technology used by personnel of retail financial institutions to identify the best financial products for their customers. The system also provides a direct-to-customer self-service internet capability. The technology emulates the dialogue between a customer and a financial product expert, providing product selection advice on complex financial decisions. Experion Systems offers advisory solutions for a broad portfolio of loan and deposit products. Currently, all nine of Experion Systems' customers are credit unions.
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. 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.
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