Harris & Harris Group Notes Solazyme's Additional Financings to Fund
NEW YORK, Jan. 18, 2013 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc.
(Nasdaq:TINY), an early-stage, active investor in transformative
nanotechnology companies, notes the announcement by Solazyme, Inc., of the
pricing of its offering of $115 million aggregate principal amount of
Convertible Senior Subordinated Notes due 2018 (the "Convertible Notes") in a
private placement under the Securities Act of 1933. The sale of the
Convertible Notes is expected to close on January 24, 2013, and Solazyme
expects that the net proceeds from this offering will be approximately $109.8
million, which are intended to be used to fund project-related costs and
capital expenditures and for general corporate purposes. The full press
release may be viewed at
In addition, Harris & Harris Group notes Solazyme's announcement that it has
secured a 245.7 million-real (U.S. $120 million) loan from Brazil's national
development agency, BNDES, for a plant it is building in South America, which
is expected to begin production in the fourth quarter of 2013. The full press
release may be viewed at
"As the initial institutional investor in Solazyme, we see recent financing
announcements as further validation of Solazyme's progress towards commercial
scale production," said Douglas W. Jamison, Chief Executive Officer of Harris
& Harris Group.
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, www.yahoo.com and www.bloomberg.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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