Harris & Harris Group Portfolio Company, D-Wave Systems, Announces the Sale of its First D-Wave 2000Q™ Quantum Computer to Temporal Defense Systems
NEW YORK, Jan. 24, 2017 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc. (NASDAQ:TINY), notes the announcement by its portfolio company, D-Wave Systems, that it sold the first D-Wave 2000Q™ quantum computer to Temporal Defense Systems (“TDS”), a cybersecurity firm. The D-Wave 2000Q™ system, valued at $15 million, will be used with TDS technology to solve some of the most critical and complex cyber security problems impacting governments and commercial enterprises. The agreement also includes upgrades to future D-Wave quantum processing units (QPUs). This release was issued in conjunction with the announcement of the general commercial availability of the D-Wave 2000Q™ quantum computer.
Harris & Harris Group currently owns between 2.5-5 percent of D-Wave Systems on a fully diluted basis. Harris & Harris Group also reminds interested accredited investors that there is limited time remaining to purchase a limited amount of equity interests in H&H Co-Investment Partners, LLC D-Wave Series J, an investment series created to invest in future rounds of financing of D-Wave Systems, Inc. The offering is being facilitated by BANQ®, the online division of TriPoint Global Equities LLC, a FINRA member and registered broker-dealer, and will be conducted under Rule 506(c) of Regulation D promulgated by the SEC under the Securities Act. All equity interests issued by H&H Co-Investment Partners will be offered by TriPoint Global Equities.
Accredited investors that are interested in reviewing the offering materials, including the Confidential Private Placement Memorandum (PPM) and subscription documents, and subscribing to the offering can do so on BANQ®’s website at www.banq.co. The securities offered in the offering have not been, and will not be, registered under the Securities Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
The press releases can be viewed at http://www.dwavesys.com/press-releases/temporal-defense-systems-purchases-first-d-wave-2000q-quantum-computer and http://www.dwavesys.com/press-releases/d-wave%C2%A0announces%C2%A0d-wave-2000q-quantum-computer-and-first-system-order.
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.
506(c) Offering Legend
Investors should consider the investment objectives, risks, and charges and expenses of H&H Co-Investment Partners, LLC carefully before investing. The PPM relating to each offering of equity interests by H&H Co-Investment Partners, LLC will contain this and other information about H&H Co-Investment Partners, LLC and should be read carefully before investing. Copies of the PPM relating to each offering of equity interests by H&H Co-Investment Partners, LLC may be obtained by accessing BANQ®’s website at www.banq.co.
Securities of H&H Co-Investment Partners, LLC are expected to be offered and sold in reliance on the exemption from registration set forth in Section 506(c) under the Securities Act of 1933, as amended, or the "Securities Act". In accordance therewith, you should be aware that (i) the securities may be sold only to “accredited investors,” which for natural persons are investors who meet certain minimum annual income or net worth thresholds; (ii) the securities will only be offered in reliance on an exemption from the registration requirements of the Securities Act and will not be required to comply with specific disclosure requirements that apply to registration under the Securities Act; (iii) the Securities and Exchange Commission will not pass upon the merits of or give its approval to the securities, the terms of the offering, or the accuracy or completeness of any offering materials; (iv) the securities will be subject to legal restrictions on transfer and resale and investors should not assume they will be able to resell their securities; investing in securities involves risk, and investors should be able to bear the loss of their investment; and (v) the securities offered will not be subject to the protections of the Investment Company Act.
Any performance data set forth herein represents past performance. Past performance does not guarantee future results. Current performance may be lower or higher than the performance data presented. H&H Co-Investment Partners, LLC is not required by law to follow any standard methodology when calculating and representing performance data, and as a result the performance of H&H Co-Investment Partners, LLC may not be directly comparable to the performance of other funds.
This press release is not an offer to sell, or the solicitation of an offer to purchase, any securities of H&H Co-Investment Partners, LLC, in any jurisdiction where such offer or sale would be prohibited.
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, 2015, 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 and links to the websites www.HHVC.com, www.banq.co, www.tripointglobalequities.com, www.dwavesys.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.
Press Contact: Daniel B. Wolfe Harris & Harris Group, Inc. 212-582-0900
Released January 24, 2017