14.02.2014 18:28:42

Harris & Harris: Molecular Imprints' Semiconductor Unit To Be Bought By Canon

(RTTNews) - Harris & Harris Group, Inc. (TINY), an investor in transformative companies enabled by disruptive science, said it notes the announcement by its portfolio company, Molecular Imprints Inc., that it has agreed to sell its semiconductor imprint lithography equipment business to Canon Inc. of Tokyo, Japan.

Harris & Harris Group invested a total of $4.6 million in Molecular Imprints beginning with its initial investment in 2004 and valued its securities of the company at $6.5 million as of September 2013.

Upon closing, Harris & Harris Group expects to receive about $7 million in proceeds from the sale. 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. Harris & Harris Group will be a shareholder of this new company.

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