Harris & Harris Group, Inc. announced today that it has invested $1,000,000 as part of an approximate $5.8 million Series A Convertible Preferred financing of privately held Agile Materials & Technologies, Inc. (www.agilematerials.com).
Agile is developing and commercializing variable integrated passive electronic components by utilizing thin-film ferroelectric materials in innovative circuit designs in combination with high-volume manufacturing. These components are expected to have a wide range of applications in RF electronics for both commercial and military markets. Agile is based in Santa Barbara, California.
In February 2002, Harris & Harris Group decided to focus its new business activities exclusively on tiny technology, including nanotechnology, microsystems and microelectromechanical systems (MEMS) technology. In 1994, we invested in our first tiny 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 privately held Massachusetts General Hospital spinoff founded to develop advanced drug delivery systems. On March 7, 2002, we invested in NanoOpto Corp., a privately held company that 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 is developing 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 is developing and producing a wide variety of high-performance nanomaterials for the government and industry. On June 14, 2002 we invested in Optiva, Inc., a privately held company that is developing and commercializing a new class of nanomaterials for advanced optical applications initially for the flat panel display industry. On June 24, 2002 we invested in Continuum Photonics, Inc., a privately held company that is developing a family of unique and value-added optical networking subsystems based on smart materials, microfabrication and control electronics that will enhance the flexibility and reliability of optical networks.
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.