Harris & Harris Group Notes Carl Zeiss' Planned Acquisition of Xradia
NEW YORK, June 13, 2013 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc.
(Nasdaq:TINY), an early-stage, active investor in transformative companies,
notes today's announcement by Carl Zeiss AG of its planned acquisition of
Xradia, Inc. After the closing of the transaction, Xradia will operate under
the new name of Carl Zeiss X-ray Microscopy, Inc. The closing of the
transaction is subject to the fulfillment of customary closing conditions.
Both parties have agreed to keep the purchase price confidential. The press
release can be viewed at http://www.zeiss.de/press/pr002a1faa.
Harris & Harris Group is an investor in privately held Xradia. 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. We currently expect to receive up to approximately $15
million in proceeds from the sale, including amounts to be held in escrow.
"We are excited to see Xradia's imaging solutions become part of Carl Zeiss'
family of products. The synergies between the two companies are obvious. 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."
Doug Jamison, CEO of Harris & Harris Group, added, "Harris & Harris Group led
the first institutional round of financing of Xradia. Our involvement with the
development of this transformative technology from an idea to a growing,
commercial company has been exciting. This successful investment, following
multiple liquidity events in recent years, is another example of the potential
of our distinct investment model."
Detailed information about Harris & Harris Group and its holdings can be found
on its website at www.HHVC.com and on Facebook at
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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