NEW YORK, Dec. 7, 2012 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc. (Nasdaq:TINY), an early-stage, active investor in transformative nanotechnology companies, notes that GEO Semiconductor Inc. ("GEO") has announced that it has entered into an agreement to acquire the digital video processing business from Maxim Integrated Products, Inc. The transaction is expected to close prior to December 31, 2012. The terms of the transaction were not disclosed.
Through this acquisition, GEO expands its IP portfolio to approximately 100 patents, including an H.264 video compression and audio processing portfolio. This transaction will also provide GEO immediate and greater access to markets such as IP camera, Smart TV, surveillance, tele-presence video communications, and smartphone peripherals. These markets complement GEO's increasing focus on automotive camera and HUD opportunities. Combining GEO's proprietary technology with the IP from Maxim will enable single-chip solutions for all of these markets, increasing market share and lowering costs to customers. GEO Semiconductor's press release may be accessed at http://geosemi.com/wp-content/themes/geo/pdf/121206_GEO_Press_Release_MAXIM.pdf.
"We believe that GEO's acquisition of Maxim's digital video processing business will help GEO accelerate opportunities for growth of revenues from its proprietary products and technology enabled by the channels that will now be available to the company as part of this acquisition," said Daniel Wolfe, President of Harris & Harris Group. "We congratulate the management of GEO for reaching this milestone in the company's development."
Harris & Harris Group is an investor in privately held GEO Semiconductor Inc.
Detailed information about Harris & Harris Group and its holdings can be found on its website at www.HHVC.com.
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, 2011, 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 and www.geosemi.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: DANIEL B. WOLFE TEL. NO. (212) 582-0900
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