Harris & Harris Group, Inc., announced today that it has invested an additional $1 million in privately held NeoPhotonics Corporation, bringing its total investment in NeoPhotonics to $3,015,361. Harris & Harris Group also noted that NeoPhotonics announced today its merger with privately held Photon Technology Co., Ltd.
The combined optical components company will be called NeoPhotonics and be headquartered in San Jose, California, with manufacturing facilities in San Jose and Shenzhen, China. NeoPhotonics' press release states that the new NeoPhotonics expects revenues to exceed $50 million in 2005, with more than 1,200 employees in China and the U.S., with more than 100 customers.
Harris & Harris Group is a publicly traded venture capital company that now makes initial investments exclusively in tiny technology, including nanotechnology, microsystems and microelectromechanical systems (MEMS). The Company's last 24 initial private equity investments have been in tiny-technology enabled companies. The Company has 17,248,845 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 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. The reference to the website www.TinyTechVC.com has been provided as a convenience, and the information contained on our website is not incorporated by reference into this press release.