Harris & Harris Group Notes Produced Water Absorbents to Acquire USA and
Malaysia Assets of ProSep Inc.
NEW YORK, Oct. 24, 2013 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc.
(Nasdaq:TINY), an early-stage, active investor in transformative companies,
notes the announcement by portfolio company, Produced Water Absorbents, Inc.
("PWA"), that it has entered into an agreement to acquire the assets related
to the global operations of oil and gas technology company, ProSep Inc., which
has its main offices in the United States and Malaysia. ProSep designs,
develops, manufactures and commercializes technologies to separate oil, water
and gas. PWA is a technology company providing produced water treatment
solutions and services to the oil and gas industry.
"This transaction strengthens PWA by providing complementary products and
technology to the company. It provides an established channel for PWA's
products to enter the market and accelerates by multiple years the commercial
development of PWA. It also strengthens our relationships and development
efforts in Asian markets," said Doug Jamison, CEO of Harris & Harris Group.
The $9.2 million transaction will complement PWA's existing services, enabling
it to offer a comprehensive portfolio of patented solutions to treat oil,
natural gas and produced water. As an emerging company in the industry, PWA
contributes to the acquisition its proprietary technology selling skills,
leasing experience and focus on innovation. The assets acquired from ProSep
offer a strong, established presence in the Americas, fabrication facilities,
geographic spread and a wide portfolio of products. Following the closing of
the acquisition, PWA will relocate its headquarters from Wooster, Ohio, to
Houston, Texas, as part of a domestic and international expansion drive. The
acquisition is expected to be completed in November of 2013, subject to
customary closing conditions. The acquisition was financed in part by PWA's
existing investors led by Energy Ventures with offices in Norway, the U.K. and
Houston, Texas, and Harris & Harris Group, Inc., with offices in New York City
and Palo Alto, California. PWA's press release can be accessed at
Harris & Harris Group is an investor in privately held Produced Water
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.pwasystems.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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