Harris & Harris Group, Inc. announced today that its unaudited net asset value and net asset value per share (NAV) as of December 31, 2002, were $27,256,046 and $2.37, respectively. Net assets decreased in the fourth quarter from the third quarter of 2002 by $2,803,037. This decrease reflected an increase in total income tax liability of $743,455, owing primarily to the Company's liquidation of its interest in PHZ Capital Partners LP; and write-downs of private equity investments totaling $2,647,171. These write-downs were partially offset by increases of $769,581 in valuations of other of the Company's private equity holdings, including the Company's liquidation of its interest in PHZ for $400,221 more than its valuation of that interest at September 30, 2002. Thus, net write-downs of private equity investments totaled $1,877,590.
The year-end write-downs included the Company's 100 percent, $1 million, write-down of Kriton Medical, Inc., a developer of ventricular assist devices. The Company also wrote down by $1,647,171 its investments in telecommunications equipment-related private equity investments. After the write-downs, such telecommunications equipment-related investments constituted 3.59 percent of the Company's net assets at December 31, 2002.
Harris & Harris Group is a publicly traded venture capital company. The Company now makes initial investments exclusively in tiny-technology enabled companies, and its last nine initial private equity investments have been in such companies.
Harris & Harris Group, Inc. is a Business Development Company with 11,498,845 common shares outstanding.
Detailed information about Harris & Harris Group, Inc. and its holdings can be found on its website at http://www.TinyTechVC.com.
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