Harris & Harris Group, Inc., noted today that the United States Defense Advanced Research Projects Agency (DARPA) awarded a contract to Nanosys, Inc., for up to approximately $14 million over a five-year period to develop nanotechnology-enabled solar cells for power generation solutions in military applications. The initial phase of development is for $2.2 million for 12 months. Nanosys will manage the contract and will collaborate with research and development partners including the University of California at Berkeley, Battelle Memorial Institute, and SAIC. Subsequent phases will be funded upon approval from DARPA. Shareholders may be interested in reading the press release from Nanosys.
Harris & Harris Group owns a 1.58% fully diluted interest in Nanosys, for which it paid $1.5 million in April 2003. On June 30, 2004, the most recent date on which Harris & Harris Group determined its net asset value, it continued to value its holding in Nanosys at its cost to Harris & Harris Group.
Nanosys is a company with broad-based intellectual property that is initially commercializing applications in macroelectronics, photoelectronics, photovoltaics, and chemical and biological sensing. These applications incorporate novel zero and one-dimensional, nanometer-scale materials, such as nanowires and nanocrystals as their principal elements.
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 16 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 and its holdings can be found on its website at 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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