Shareholders of Harris & Harris Group, Inc., may be interested to know that privately held Starfire Systems, Inc., based in Malta, New York, announced today the formation of a strategic alliance with Clariant to develop new technology and new applications for nanostructured ceramic materials and coatings. As part of this agreement, Clariant has completed a financial investment in Starfire.
Harris & Harris Group has invested cumulatively $750,000 in Starfire Systems since May 2004. Starfire Systems offers a family of patented silicon carbide forming polymers for the manufacture of advanced ceramic materials applications. Starfire has demonstrated the advantage of its nanostructured ceramics in the motorcycle and automobile industry by developing high-performance brakes at a fraction of the weight of conventional metal brakes. Recently, Starfire materials were successfully tested by astronauts on a spacewalk during the July U.S. Space Shuttle Discovery mission as a key component in the heat shield repair kit. Starfire's nanostructured polymers and ceramics are also finding applications in the chemical process industries and can be used in the manufacture of semiconductor chips, coating systems, high temperature filters and the handling of corrosive materials.
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 20,756,345 shares of common stock outstanding.
Detailed information about Harris & Harris Group and its holdings can be found on its website at www.TinyTechVC.com.
This news 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 news release. Please see the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2004, 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 such website is not incorporated by reference into this news release.