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Shareholders of Harris & Harris Group may be interested to know that Solazyme, Inc., and Roquette Frères, the global starch and starch-derivatives company headquartered in France, today announced that they have signed a joint venture (JV) agreement for the production, commercialization and market development of microalgae-derived food ingredients, subject to regulatory approvals and notifications.
The JV is being formed to launch an entirely new category of natural, healthy and functional ingredients based on microalgae. The JV, which will be named Solazyme-Roquette Nutritionals, plans to launch a variety of oil, protein and fiber based products aimed at delivering improved performance with an improved health profile compared to ingredients in the market today.
The JV, which will be 50 percent owned by each parent company, will be operational by the beginning of 2011. Its management team and board of directors will be drawn from both parent companies, with Solazyme's CEO, Jonathan Wolfson, serving as the initial CEO of the JV. Roquette will fund and build a JV-owned, commercial-scale manufacturing plant with capacity in the tens of thousands of tons of annual production located at a Roquette corn wet mill. In addition, Roquette will provide upfront licensing payments to Solazyme and working capital to fund the JV until it reaches profitability.
Harris & Harris Group is an investor in privately held Solazyme, Inc.
This news 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 news release. Please see the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, 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.businesswire.com have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this news release. Harris & Harris Group is not responsible for the contents of third party websites.
About Harris & Harris Group
Harris & Harris Group is a publicly traded venture capital company that invests in nanotechnology and microsystems. Detailed information about Harris & Harris Group and its holdings can be found on its website at www.HHVC.com.
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