PRESS
RELEASE
HARRIS & HARRIS GROUP,
INC.
®
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SEPTEMBER
28, 2010
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1450
BROADWAY, 24TH
FLOOR
|
|
NEW
YORK, NY 10018
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CONTACT:
DOUGLAS W. JAMISON
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|
|
NASDAQ/NMS
SYMBOL: TINY
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TEL.
NO. (212) 582-0900
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HARRIS
& HARRIS GROUP ANNOUNCES FIRST VENTURE DEBT INVESTMENT
Harris & Harris Group, Inc.,
announced today its first venture debt investment of $500,000 in GEO
Semiconductor, Inc. The round of venture debt financing was led by
Montage Capital, LLC. We received warrants as part of this venture
debt financing. This investment is part of Harris & Harris
Group’s efforts to expand its core venture capital investments in equity of
privately held and publicly traded small companies with debt securities that
provide predictable cash flows and timelines for returns on
investment. In addition to providing venture debt financing, Harris
& Harris Group continues to make equity-based venture capital investments in
companies developing and integrating products enabled by nanotechnology and
microsystems.
GEO
Semiconductor develops high-performance, programmable video and geometry pixel
processor solutions that enable correction of color and brightness uniformity
issues in light-emitting diode and laser backlit displays and in correcting
optical anomalies and non-uniformity issues in smartphone
cameras. GEO Semiconductor plans to use the proceeds to support
current design wins for its chips and ongoing business development
activities. A press release issued by GEO Semiconductor regarding
this financing can be accessed at
http://www.businesswire.com/news/home/20100928006556/en/GEO-Semiconductor-Closes-2-Million-Venture-Debt.
Harris & Harris Group is a publicly
traded venture capital company that invests in nanotechnology and
microsystems. Detailed information about Harris & Harris Group
and its holdings can be found on its website at www.HHVC.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 for the fiscal year ended December 31, 2009, as well
as subsequent filings, 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, the Company undertakes no obligation to
update or revise these forward-looking statements to reflect new events or
uncertainties. The references to the websites www.HHVC.com and
www.businesswire.com have been provided as a convenience, and the information
contained on such websites is not incorporated by reference into this press
release. Harris & Harris Group is not responsible for the
contents of third party websites.