HARRIS & HARRIS GROUP NOTES ANNOUNCEMENT OF NEOPHOTONICS CORP. FINANCING
Harris & Harris Group, Inc. noted today that IPO.com (www.ipo.com/venture) has disclosed that NeoPhotonics Corp. has raised $25 million in venture funding and that Harris & Harris Group participated in this financing. Harris & Harris Group's investment was in the amount of $1 million.
For additional details about this financing, shareholders may wish to go to IPO.com (www.ipo.com/venture). For information about NeoPhotonics, shareholders may wish to go to www.neophotonics.com.
This investment in NeoPhotonics reflects Harris & Harris Group's recent decision to focus its new business activities exclusively on small tech, including nanotechnology, microsystems and microelectromechanical systems (MEMS) technology. In 1994, Harris & Harris Group invested in its first small tech company, Nanophase Technologies Corporation, a spinoff from Argonne National Laboratory, which completed an initial public offering in 1997. Harris & Harris Group sold its 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 and in February 2002, in NanoPharma Corp., a Massachusetts General Hospital spinoff founded to develop advanced drug delivery systems.
Harris & Harris Group is a Business Development Company with 8,864,231 common shares outstanding.
Detailed information about Harris & Harris Group and its holdings can also be found on its website at www.hhgp.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 of 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 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.