PRESS RELEASE
| HARRIS & HARRIS GROUP, INC. |
AUGUST 1, 2002 |
| ONE ROCKEFELLER PLAZA |
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| NEW YORK, NEW YORK 10020 |
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| NASDAQ/NMS SYMBOL: TINY |
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| CONTACT: CHARLES E. HARRIS |
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| TEL. NO. (212) 332-3606 |
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HARRIS & HARRIS GROUP CONFIRMS SALE OF 2,634,614 SHARES OF STOCK THROUGH RIGHTS OFFERING
Harris & Harris Group, Inc. confirmed today that it has received payment for the sale of all 2,634,614 shares of its common stock that were subscribed in its Transferable Rights Offering, which expired on July 26, 2002. Thus, the Company now has 11,498,845 shares issued and outstanding. For the quarter ended June 30, 2002, please find below the summary financial information as reported and on a proforma basis for the sale of the new shares, net of the $176,726 in expenses for the Rights Offering as estimated in the Prospectus.
SUMMARY OF RESULTS
(Unaudited)
|
As Reported for the Quarter Ended |
Pro-Forma for the Quarter Ended |
|
June 30, 2002 |
June 30, 2002 |
| Total Assets |
$26,818,408 |
$32,569,563 |
| Net Assets |
$23,732,125 |
$29,483,280 |
| Total Income Tax Liability |
$1,315,878 |
$1,315,878 |
| Accrued Profit Sharing |
$427,567 |
$427,567 |
| Net Asset Value per Share |
$2.68 |
$2.56 |
| Shares Outstanding |
8,864,231 |
11,498,845 |
Harris & Harris Group is a publicly traded venture capital company organized as a Business Development Company. Harris & Harris Group has 11,498,845 common shares issued and outstanding.
Detailed information about Harris & Harris Group and its holdings can also be found on its website at www.hhgp.com.
This press release may contain statements of a forward-looking nature relating to future events. Statements contained in this press release that are forward looking statements are intended to be made pursuant to the Safe Harbor Provisions for the Private Securities Litigation Reform Act of 1995. 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.
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