DECEMBER 16, 2004 - PRESS RELEASE
Published on December 20, 2004
PRESS RELEASE FOR IMMEDIATE RELEASE
HARRIS & HARRIS GROUP, INC. DECEMBER 16, 2004
111 WEST 57th STREET
NEW YORK, NEW YORK 10019 CONTACT: CHARLES E. HARRIS
NASDAQ/NMS SYMBOL: TINY TEL. NO. (212) 582-0900
HARRIS & HARRIS GROUP WILL NOT DECLARE A DEEMED DIVIDEND FOR 2004
Harris & Harris Group, Inc., announced today that owing to the
availability for tax purposes of a prior year's net capital loss
carryover, the Company has determined that it will not have
taxable net long-term capital gain income for 2004. The Company
will have $520,246.35 net long-term capital gains for book
purposes for 2004, which we will retain for working capital and
new and follow-on investments. Thus, contrary to yesterday's
press release, the Company has determined that it will not have
to pay taxes on this long-term capital gain and therefore will
not declare an undistributed capital gain dividend (also known
as a deemed dividend) for 2004.
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 20
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 and its
holdings can be found on its website at 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 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.