Harris & Harris Group Invests in Nantero, Inc.Business Editors
NEW YORK--(BUSINESS WIRE)--Sept. 8, 2003
Harris & Harris Group, Inc. announced today that it invested $323,000 as part of a $10.5 million Series B Convertible Preferred financing of privately held Nantero, Inc. (www.nantero.com). Shareholders of Harris & Harris Group may be interested in reading Nantero's press release dated September 8, 2003 for more details. New investor Charles River Charles River
River, eastern Massachusetts, U.S. The longest river wholly in the state, it flows into Boston Bay after a course of about 80 mi (130 km). Navigable for about 7 mi (11 km), its estuary separates the cities of Boston and Cambridge. Ventures led the Series B financing, which also included return investors Draper Fisher Jurvetson Draper Fisher Jurvetson (DFJ) is a venture capital firm based in Menlo Park, California with affiliate offices in more than 30 cities around the world and over $4.5 billion in capital commitments. , Stata Venture Partners, Alex d'Arbeloff Alexander Vladimir d’Arbeloff was a co-founder of Teradyne, a multi-billion dollar Boston, Massachusetts-based manufacturer of automatic test equipment. After graduating in 1949 with an SB in management from MIT ,where he became a member of the Sigma Chi , Levy Venture Partners and Harris & Harris Group.
Nantero is developing NRAM (NanoRAM) A non-volatile, random access memory technology from Nantero, Inc., Woburn, MA (www.nantero.com) that is designed to initially replace flash memory and, potentially, DRAM memory. NRAM uses carbon nanotube ribbons for the bits. (TM), a high-density, nonvolatile random access memory chip using nanotechnology. Including its initial investment in August 2001, Harris & Harris Group has invested $813,000 in Nantero.
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 See MEMS. (MEMS (MicroElectroMechanical Systems) Tiny mechanical devices that are built onto semiconductor chips and are measured in micrometers. In the research labs since the 1980s, MEMS devices began to materialize as commercial products in the mid-1990s. ). The Company's last 12 initial private equity investments have been in tiny-technology enabled companies.
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. 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 Form 10-K
A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information.
See 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.