Harris & Harris Group, Inc. announced today that its audited net asset value and net asset value per share (NAV) as of December 31, 2003, were $40,682,738 and $2.95, respectively. Net assets increased in the fourth quarter from the third quarter of 2003 by $16,456,826, reflecting the net proceeds of $16,631,962 from the public offering of 2,300,000 shares of common stock on December 24, 2003.
The increase in net asset value reflected a net increase in the valuation of the Company's venture capital investments of $516,149, offset by operating expenses of $701,880. Operating expenses for the year 2003 included $225,000 for a mandatory retirement plan which is being amortized through December 31, 2004, at the rate of $56,250 per quarter. There was no provision for the mandatory retirement plan in 2002.
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. The Company has 13,798,845 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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