Harris & Harris Group co-founds BioSupplyNet.NEW YORK--(BUSINESS WIRE)--Oct. 17, 1996--Harris & Harris Group Inc. (NASDAQ/NMS:HHGP HHGP Hudson Highland Group, Inc ) announced today that it has co-founded BioSupplyNet Inc., in conjunction with other investors and Cold Spring Harbor Laboratory  The Cold Spring Harbor Laboratory . Harris & Harris Group purchased 575,000 shares of Series A Convertible Preferred Stock Convertible Preferred Stock Preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares, usually anytime after a predetermined date. Also known as "convertible preferred shares". , representing a 34.5 percent fully diluted interest in BioSupplyNet Inc. BioSupplyNet Inc., a Delaware corporation A Delaware corporation is a corporation chartered in the U.S. state of Delaware. Delaware is well known as a corporate haven, and thus, over 50% of US publicly-traded corporations and 58% of the Fortune 500 companies are incorporated in the state. located in Plainview, N.Y., was formed to acquire and expand commercially the print and World Wide Web product directories developed by Cold Spring Harbor Laboratory Press to complement its lab manuals. These include "Molecular Cloning Molecular cloning refers to the procedure of isolating a defined DNA sequence and obtaining multiple copies of it in vivo. Cloning is frequently employed to amplify DNA fragments containing genes, but it can be used to amplify any DNA sequence such as promoters, non-coding : A Laboratory Manual," by Joseph Sambrook Joseph Sambrook (born 1 March, 1939 in Liverpool, England) is internationally renowned for his studies of DNA tumour viruses and the molecular biology of normal and cancerous cells. , Edward Fritsch and Thomas Maniatis, which enjoys a leading market share in its field throughout the world. The print directory, "The Lab Manual Source Book," was established in 1994 and its online companion, BioSupplyNet (http://www.biosupplynet.com), was established in 1995. BioSupplyNet Inc. now owns both "The Lab Manual Source Book" and BioSupplyNet. The current focus of BioSupplyNet Inc. is to establish its print and Web-based product directories as a standard information source for purchasing supplies and equipment in the life sciences research industry. Suppliers in this industry produce thousands of product announcements, brochures and catalogs each year for marketing their supplies and equipment to hundreds of thousands of research scientists. This product information is expensive to mail and, with constantly changing product specifications and pricing, product brochures and catalogs are out-of-date almost the day they are printed. BioSupplyNet Inc. enables companies to distribute product information and reach highly targeted groups of purchasers more effectively and at significantly lower cost. Harris & Harris Group is a business development company with 10,442,682 common shares issued and outstanding. Detailed information about Harris & Harris Group can be found on its World Wide Web site on the Internet at (http://www.hhgp.com). This press release may contain statements of a forward-looking nature relating to future events. Shareholders are cautioned that such statements are predictions and that actual events or results may differ significantly. CONTACT: Harris & Harris Group Inc. David C. Johnson David C. Johnson (b. 30 January 1940 in Batavia, New York), is an American composer, flutist, and performer of live-electronic music. David Johnson studied, among other places, at Harvard University (M.A. Jr., 212/332-3613 |
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