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.
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CONTACT: DANIEL B. WOLFE TEL. NO. (212) 582-0900Source:Harris & Harris Group