This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Harris & Harris Group Notes Molecular Imprints' Semiconductor Business To Be Acquired By Canon

NEW YORK, Feb. 14, 2014 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc. (Nasdaq:TINY), an investor in transformative companies enabled by disruptive science, notes the announcement by its portfolio company, Molecular Imprints, Inc. ("MII"), that it has signed an agreement to sell its semiconductor imprint lithography equipment business to Canon Inc. of Tokyo, Japan. Canon began conducting research into nanoimprint technology in 2004 to enter the market for lithography equipment for leading-edge high-resolution patterning. Since 2009, Canon has been carrying out joint development with MII and a major semiconductor manufacturer for mass production using MII's Jet and Flash TM Imprint Lithography (J-FIL TM) technology. The press release announcing the acquisition can be found at http://ca.finance.yahoo.com/news/molecular-imprints-semiconductor-business-acquired-210000231.html.

Harris & Harris Group invested a total of $4.6 million in MII beginning with its initial investment in 2004 and valued its securities of the company at $6.5 million as of September 30, 2013. Upon closing, Harris & Harris Group expects to receive approximately $7.0 million in proceeds from the sale, including amounts to be held in escrow. Harris & Harris Group could receive an additional $1.7 million upon the achievement of certain milestones.

In addition to the merger agreement, a new spin-out company will be created that will keep its original "Molecular Imprints" name. This new company will continue development and commercialization of nanoscale patterning in consumer electronic and biomedical applications. It will have the advantage of capital, key personnel and rights jointly owned with Canon to MII's intellectual property portfolio, along with multiple system platforms. Harris & Harris Group will be a shareholder of this new company.

"We are pleased to see the continued expansion of Molecular Imprint's success, now as part of Canon," said Alexei Andreev, Executive Vice President and Managing Director of Harris & Harris Group. "We are also excited to see the continued development of Molecular Imprint's nanoscale patterning in key electronic and biomedical applications." "Our ability to de-risk technology profitably on behalf of the world's largest corporations is critical to our partnering success," added Douglas W. Jamison, Chief Executive Officer of Harris & Harris Group.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,712.66 +34.43 0.19%
S&P 500 2,061.02 +4.87 0.24%
NASDAQ 4,891.2190 +27.8570 0.57%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs