NeoPhotonics Corporation announced today that the financing round in which Harris & Harris Group had previously announced that it had participated with a $1 million investment is now oversubscribed, with the investments in it totaling approximately $35 million. Privately held NeoPhotonics develops and manufactures advanced planar optical devices by monolithically integrating active and passive optical materials using the company's proprietary nanomaterials-based process solutions. NeoPhotonics Corporation (NEO(tm) = Nano Enabled Optics) is on the web at www.neophotonics.com.
This investment in NeoPhotonics reflects Harris & Harris Group's decision, as announced in February, 2002, to focus our new business activities exclusively on small tech, including nanotechnology, microsystems and microelectromechanical systems (MEMS) technology. In 1994, we invested in our first small tech company, Nanophase Technologies Corporation, a spinoff from Argonne National Laboratory, which completed an initial public offering in 1997. We sold our interest in Nanophase in 2001 and invested part of the proceeds of the sale in August, 2001, in privately held Nantero, Inc., a Harvard University spinoff developing advanced semiconductors using nanotechnology. On February 12, 2002, we invested in Nanopharma Corp., a Massachusetts General Hospital spinoff founded to develop advanced drug delivery systems. On March 7, 2002, we invested in NanoOpto Corp. which is applying proprietary nano-optics and nano-manufacturing technology to design and make components for optical networking. On March 8, 2002, we invested in NeoPhotonics Corporation, a privately held company that develops patented technology that enables the manufacture of unique nanoscale optical compositions for the telecommunications industry. On May 3, 2002, we invested in Nanotechnologies, Inc., a privately held company that develops a wide variety of high-performance nanomaterials for industry. On June 14, 2002 we invested in Optiva, Inc., which is developing and commercializing a new class of nanomaterials for advanced optical applications initially for the flat panel display industry.
Harris & Harris Group is a publicly traded venture capital company organized as a Business Development Company. Harris & Harris Group has 8,864,231 common shares issued and outstanding.
Detailed information about Harris & Harris Group and its holdings can also be found on its website at www.hhgp.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 of 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 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.