JULY 20, 2004 PRESS RELEASE ANNOUNCING JUNE 30, 2004 NAV
Published on July 26, 2004
PRESS RELEASE FOR IMMEDIATE RELEASE
HARRIS & HARRIS GROUP, INC. JULY 20, 2004
111 WEST 57TH STREET, SUITE 1100
NEW YORK, NEW YORK 10019 CONTACT: CHARLES E. HARRIS
NASDAQ/NMS SYMBOL: TINY TEL. NO. (212) 582-0900
HARRIS & HARRIS GROUP REPORTS BALANCE SHEET
AS OF JUNE 30, 2004
Harris & Harris Group, Inc., announced today that its unaudited
net asset value at June 30, 2004, was $39,266,216. Net asset value
per share (NAV) was $2.85, the same as previously reported as of
June 29, 2004, in the Company's prospectus dated June 30, 2004. On
a pro-forma basis, including the net proceeds of the sale of
3,450,000 shares of common stock (which were offered on June 30,
2004, in a transaction that closed on July 7, 2004) at $11.25 per
share, net asset value was $75,152,075, and NAV was $4.36.
SUMMARY OF FINANCIAL RESULTS
June 30, 2004 March 31, 2004 December 31, 2003
(Unaudited) (Unaudited) (Audited)
Total Assets $42,342,430 $55,105,581 $44,115,128
Net Assets $39,266,216 $41,503,253 $40,682,738
Total Net Income
Tax Liability $661,294 $658,309 $651,969
Net Asset Value per Share $2.85 $3.01 $2.95
Shares Outstanding 13,798,845 13,798,845 13,798,845
Pro-forma Net Assets $75,152,075
Pro-forma Net Asset
Value per Share $4.36
Pro-forma Shares
Outstanding 17,248,845
Harris & Harris Group is a publicly traded venture capital
company that now makes initial investments exclusively in tiny
technology, including nanotechnology, microsystems and
microelectromechanical systems (MEMS). The Company's last 16
initial private equity investments have been in tiny-technology
enabled companies. The Company has 17,248,845 common shares
outstanding.
Detailed information about Harris & Harris Group, Inc. and its
holdings can be found on its website at http://www.TinyTechVC.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
and recent Prospectus 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, Harris & Harris Group, Inc., undertakes no
obligation to update or revise these forward-looking statements to
reflect new events or uncertainties.