Breaking News

Tweet TWEET

Harris & Harris Group Notes Solazyme's Announcements of One Expanded and One New Partnership Agreement

Harris & Harris Group Notes Solazyme's Announcements of One Expanded and One
New Partnership Agreement

NEW YORK, Nov. 15, 2012 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc.
(Nasdaq:TINY), an early-stage, active investor in transformative
nanotechnology companies, notes that Solazyme, Inc., announced that it has
entered into a Joint Venture Expansion Framework Agreement with Bunge Global
Innovation LLC ("Bunge"), a wholly-owned subsidiary of Bunge Limited. The
agreement sets forth the intent of the partners to expand joint venture-owned
oil production capacity at Solazyme Bunge Renewable Oils from the current
100,000 metric tons under construction in Brazil to 300,000 metric tons by
2016 at select Bunge owned and operated processing facilities worldwide.

Also, the companies intend to expand the portfolio of oils to be produced out
of their joint venture facility in Brazil. The expanded field and portfolio
of oils would include certain tailored food oils for sale in Brazil, where
Bunge is the largest supplier of edible oils through several of its retail
brands. The parties intend to work together through joint market development
to bring new healthy and nutritious edible oils to the Brazilian
market.Solazyme's press release can be viewed at
http://solazyme.com/media/2012-11-14-0.

Solazyme and Archer-Daniels-Midland Company ("ADM") also announced the signing
of strategic collaboration, manufacturing and market development agreements in
which Solazyme and ADM will produce Solazyme's tailored algal oils in ADM's
advanced fermentation plant at Clinton, Iowa. These oils will be sold
primarily to the industrial and nutritional markets in North America. Under
the terms of the agreement, Solazyme will initially target the production of
20,000 metric tons of oil in 2014, with an aim to increase production to
100,000 metric tons in subsequent years.Solazyme's press release can be
viewed at http://solazyme.com/media/2012-11-14.

Harris & Harris Group is an investor in publicly traded Solazyme, Inc.

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, 2011, 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.solazyme.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
 
Press spacebar to pause and continue. Press esc to stop.