Harris & Harris Group, Inc. announced today that, along with the rest of the shareholders in privately owned Nanogram Devices Corporation, it has sold its interest in that company to Wilson Greatbatch Technologies, Inc. Harris & Harris Group owned approximately a five percent fully diluted interest in Nanogram Devices Corporation, which it purchased in early 2003, for a total of $813,210, and which it valued at cost in the most recent valuation of its portfolio, as of December 31, 2003. Harris & Harris Group will receive gross proceeds of approximately $2,750,000 in the sale.
Harris & Harris Group is a publicly traded venture capital company that makes initial investments exclusively in tiny technology, including nanotechnology, microsystems and microelectromechanical systems (MEMS). The Company's last 13 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 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.
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