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 http://www.pwasystems.com/news/pwa_to_acquire_usa_and_malaysia_assets.cfm.Harris & Harris Group is an investor in privately held Produced Water Absorbents, Inc.