PRESS RELEASE
Published on December 30, 2003
PRESS RELEASE
HARRIS & HARRIS GROUP, INC. DECEMBER 30, 2003
111 WEST 57TH STREET
NEW YORK, NEW YORK 10019
NASDAQ/NMS SYMBOL: TINY
CONTACT: CHARLES E. HARRIS
TEL. NO. (212) 582-0900
HARRIS & HARRIS GROUP, INC. ANNOUNCES THE CLOSING OF ITS FOLLOW-ON PUBLIC
OFFERING OF 2,300,000 SHARES OF COMMON STOCK AT $8.00 PER SHARE
Harris & Harris Group, Inc. (NASDAQ: TINY), today announced the closing of its
follow-on public offering of 2,300,000 shares of its common stock at $8.00 per
share for approximately $17,296,000 in net proceeds. All of the shares were sold
by the Company. The Company intends to use the net proceeds of the offering,
less offering costs, to make new investments in tiny technology as well as
follow-on investments in its existing venture capital investments, and for
working capital. The shares were offered through the underwriter Punk, Ziegel &
Company, LP. A copy of the final prospectus relating to the offering can be
obtained from Punk, Ziegel & Company, LP by calling 212-308-9494.
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 12 initial private equity investments have been in
tiny-technology enabled companies.
Harris & Harris Group is a business development company with 13,798,845 common
shares outstanding, including the 2,300,000 newly issued common shares.
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 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.