NEW YORK, April 22, 2014 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc. (Nasdaq:TINY), an investor in transformative companies enabled by disruptive science, notes the receipt of $6.5 million from the sale of Molecular Imprints, Inc.'s semiconductor business to Canon Inc. of Tokyo, Japan. Harris & Harris Group could receive an additional $625,000 from amounts held in escrow as well as up to $1.7 million upon the achievement of certain milestones. Harris & Harris Group invested a total of $4.5 million in Molecular Imprints, beginning with its initial investment in 2004. It valued its securities of Molecular Imprints at $8.3 million as of December 31, 2013.
In addition, with the closing a new spinout company was created that kept the 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 is now a shareholder of this new company.
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