Harris & Harris Group, Inc. noted today that Nanosys, Inc. signed an $8.2 million five year sub-contract awarded by Science Applications International Corporation (SAIC) to develop undisclosed sub-system components based on Nanosys' proprietary nanotechnology platform for use in systems for the U.S. Government. Under this contract, Nanosys will receive $1.5 million of funding over the first 12 months of the program, with an additional $6.7 million available over the remaining four years of the contract based upon the availability of government funding and the achievement of milestones. Harris & Harris Group owns a 1.58% fully diluted interest in Nanosys, for which it paid $1.5 million in April 2003.
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 17 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 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 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.