Printer Friendly


NEW YORK--(BUSINESS WIRE)--Nov. 25, 1996--Harris & Harris Group announced today that the Board of Directors of its 37.5 percent owned affiliate, nFX Corporation, has voted to seek a strategic partner either through joint venture or acquisition of the company.

nFX Corporation's Board of Directors has concluded that nFX needs the resources of a large strategic partner to exploit its proprietary, technology more fully. Accordingly, nFX has engaged a consultant, Mr. Mel P. Melsheimer, to assist nFX in the process of obtaining such a partner. Mr. Melsheimer is a director of nFX and served as interim president of nFX in 1995. He is also a consultant to Harris & Harris Group.

nFX is a privately-held corporation that develops tools and applications that enable "Living Graphics" -- software giving users the ability to create, transmit and manipulate original, dynamic images and animations in real time. Currently, it is focusing on developing chat-room avatars for the World Wide Web.

Harris & Harris Group owns a fully-diluted 37.5 percent interest in nFX Corporation that it values at $4,428,959 with an historical cost basis of $2,536,720. There can be no assurance that nFX will complete any transaction; that any such transaction would result in a sale by Harris & Harris Group of any of its interest in nFX Corporation; or that any such sale would enable Harris & Harris Group to realize a profit or to recoup the value of its investment or its historical costs. If nFX is unable to arrange a satisfactory transaction, Harris & Harris Group expects that it would suffer a significant loss.

Harris & Harris Group is a Business Development Company with 10,564,889 common shares issued and outstanding. Detailed information about Harris & Harris Group can be found on its World Wide Web site on the Internet at (

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: David C. Johnson, Jr.

COPYRIGHT 1996 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1996, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Business Wire
Date:Nov 25, 1996
Previous Article:M-Systems announces new generation of Flash Disk products New products are based on NAND flash component technology with breakthrough capacities,...
Next Article:Mitcham Opens Office in Canada; Company Names J. Martin Sommerville Vice President and General Manager of Mitcham Canada Ltd.

Related Articles
Harris & Harris Group announces nFX shareholders' meeting and Joel Voelz as president and CEO of nFX.
nFX announces Cartoon-O-Matic.
Harris & Harris Group affiliate, nFX Corporation, to participate in support of AOL/GNN Virtual Places community.
Harris & Harris Group Announces Liquidation of nFX.
BHS marks 125th year under bright new leadership.
Terion Recruits Kevin Pruett to Lead Development of New Wireless Data Markets.
Merger integration: include a tax strategy to make a good deal better.
Owners of Brown Harris Stevens to buy Halstead Properties.
How today's weak dollar can help deal-making: exchange ratios are very favorable for U.S. businesses looking to buy overseas, and new tax law will...
Thoma Cressey Equity Partners Joins Battery Ventures to Support Aggressive Made2Manage Systems Acquisition Program.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters