HARRIS & HARRIS GROUP ANNOUNCES A RIGHTS OFFERING
Harris & Harris Group, Inc. ("Company") (Nasdaq National Market: TINY) filed today a registration statement in connection with a rights offering to its shareholders.
Subject to the registration statement becoming effective under the Securities Act of 1933, it is anticipated that the Company will issue to shareholders of record, one transferable right for every three shares held by the shareholder on the record date. A shareholder is entitled to subscribe for one share for each right held.
The subscription price for each share to be issued pursuant to the offer will represent a discount from the net asset value per share. In addition, shareholders who exercise all of the rights issued to them are entitled to subscribe for shares which are not otherwise subscribed for by others in the primary subscription. If sufficient shares are not available to honor all over-subscriptions, the available shares of common stock will be allocated pro rata among those shareholders on the record date who over-subscribe based on the number of rights originally issued to them. The offer will be made only by means of an effective prospectus. The rights are transferable and will be admitted for trading on the Nasdaq National Market ("NNM"). The Company's shares of common stock are listed, and the shares issued pursuant to this offer will be listed, on the NNM under the symbol "TINY."
The Company is a venture capital investment company operating as a Business Development Company under the Investment Company Act of 1940. Its investment objective is to achieve long-term capital appreciation rather than current income from its investments. Recently the Company decided to focus its new business activities exclusively on small technology, including but not limited to nanotechnology, microsystems and microelectromechanical systems "MEMS" technology. On March 27, 2002, the Company changed its NNM symbol to "TINY," and at the 2002 Annual Meeting of Shareholders, shareholders will be asked to approve changing the name of the Company to Small-Technology Venture Capital, Inc. Although small technology is multidisciplinary and theoretically applicable to a wide variety of fields, small technology in general is new and has significant science and engineering risk as well as commercialization risk. Information about the Company may be obtained by contacting your local investment professional. For additional information about the offer please feel free to contact Charles E. Harris at 212-332-3606. Banks and broker-dealers should contact Charles E. Harris at 212-332-3606.
A registration statement relating to the securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Harris & Harris Group is a publicly traded venture capital company organized as a Business Development Company. Harris & Harris Group has 8,864,231 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 of 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 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.