Harris & Harris Group Notes the Closing of the Sale of Xradia to Carl Zeiss
July 18 2013 - 11:59AM
Harris & Harris Group, Inc. (Nasdaq:TINY), an early-stage,
active investor in transformative companies, notes the closing of
the sale of Xradia to Carl Zeiss on Friday, July 12, 2013. Xradia
will now operate under the new name of Carl Zeiss X-ray Microscopy,
Inc.
Harris & Harris Group is an investor in privately held
Xradia. We will receive up to $15.2 million in proceeds from the
sale, including amounts to be held in escrow. As of March 31, 2013,
we valued our securities of Xradia at $13,140,763, and our cost
basis in Xradia is $4,000,000.
"The sale of Xradia to Carl Zeiss is another validation that the
portfolio we have built over the past decade is beginning to
mature," said Doug Jamison, CEO of Harris & Harris
Group. "Looking forward, with the progress of our portfolio
companies, we are excited that our investment thesis is beginning
to be realized."
"We led the first institutional round of financing for
Xradia. We are pleased to see Xradia's imaging solutions
become part of the Carl Zeiss' family of products. A disruptive 3D
x-ray technology from Xradia, in combination with the global
outreach and operational excellence of Carl Zeiss, will bring
Xradia's imaging tools into customers' hands around the globe,"
said Alexei Andreev, Executive Vice President and Managing Director
at Harris & Harris Group. "We congratulate the founders
and the management of Xradia for the successful outcome of their
endeavor and hard work."
The Carl Zeiss press release can be accessed at
http://corporate.zeiss.com/press-and-media/en_us/home.html.
Detailed information about Harris & Harris Group and its
holdings can be found on its website at www.HHVC.com and on
Facebook at www.facebook.com/harrisharrisvc. 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, 2012, 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,
www.facebook.com and www.zeiss.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: DOUGLAS W. JAMISON
TEL. NO. (212) 582-0900
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