EXHIBIT (A)(16) - PRESS RELEASE
Published on August 12, 1999
EXHIBIT (a)(6)
Text of Press Release Dated August 12, 1999
PRESS RELEASE FOR IMMEDIATE RELEASE
HARRIS & HARRIS GROUP, INC. AUGUST 12, 1999
ONE ROCKEFELLER PLAZA
NEW YORK, NEW YORK 10020 CONTACT: MEL P. MELSHEIMER
NASDAQ/NMS SYMBOL: HHGP TEL. NO. (312) 332-3614
HARRIS & HARRIS GROUP TENDER SUCCESSFUL
Harris & Harris Group, Inc. announced today that its tender offer for
up to 1,100,000 shares at $1.63 per share expired as of 12:00 midnight last
night. A total of 1,080,569 shares were tendered, and all were accepted by
the Company. Of these shares, 1,075,269 were tendered by one shareholder,
which tendered all of its holdings. No shares were tendered by officers or
directors of the Company.
This repurchase of shares reduces Harris & Harris Group's shares
outstanding by 10.5 percent to 9,240,831 shares. On a pro-forma basis, as
of June 30, 1999, this share reduction increases Harris & Harris Group's
pro-forma net asset value per share (NAV) from the previously reported
$2.35 to $2.43.
Harris & Harris Group is a Business Development Company with 9,240,831
common shares outstanding.
Detailed information about Harris & Harris Group and its holdings can
be found on its Web Site on the Internet at http://www.hhgp.com.