Harris & Harris Group Portfolio Company D-Wave Systems Closes a $28.4 Million Financing

NEW YORK, July 14, 2014 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc. (Nasdaq:TINY), an investor in transformative companies enabled by disruptive science, announced today its participation in portfolio company D-Wave Systems, Inc.'s $28.4 million financing, alongside new and existing investors, including Fidelity Canada Fund, Goldman Sachs, Business Development Bank of Canada, and Draper Fisher Jurvetson. Harris & Harris Group invested approximately $935,000 in this financing, bringing its cumulative investment in D-Wave to $5.8 million.

"We are optimistic about D-Wave's future and its potential to have a profound impact on the computational fabric of our society," said Alexei Andreev, a managing director of Harris & Harris Group. "This financing will go a long way to support the scale up of D-Wave's architecture, software improvements, and acceleration of its commercial efforts."

In a recent blog post, titled "Getting in on the Ground Floor: Investing in Quantum Computing," Mr. Andreev, who is a member of D-Wave's board of directors, wrote about the value of investing in D-Wave and quantum computing.

About Harris & Harris Group

Harris & Harris Group is a publicly traded venture capital firm that is also a business development company. Detailed information about Harris & Harris Group and its holdings can be found on its website at www.HHVC.com, on Facebook at www.facebook.com/harrisharrisvc and by following on Twitter @harrisandharrisgroup.

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, 2013, 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.Facebook.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.

CONTACT: Press contact

         Jessica Attanasio
         Associate Vice President
         Gregory FCA
         Jessica@GregoryFCA.com
         610-228-2112

Released July 14, 2014