Shareholders of Harris & Harris Group, Inc., may be interested to note that for the quarter ended March 31, 2005, NeuroMetrix, Inc. (Nasdaq: NURO), (www.neurometrix.com) reported its revenues rose by 124% to $6.8 million. It reported a net loss of $596,000 as compared with a net loss of $780,000 in the same period of 2004. The gross profit margin was 73.2 percent, versus 72.7 percent a year ago.
NeuroMetrix manufactures and sells the patented NC-stat device.
Harris & Harris Group was the seed investor in NeuroMetrix and owns 1,137,570 of its common shares. Charles E. Harris, the Chairman and CEO of Harris & Harris Group, is a director of NeuroMetrix. NeuroMetrix is the last remaining significant non-tiny technology investment of Harris & Harris Group.
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 22 initial private equity investments have been in tiny-technology enabled companies.
Harris & Harris Group is a business development company with 17,248,845 common shares outstanding.
Detailed information about Harris & Harris Group and its holdings can be found on its website at www.TinyTechVC.com.
This news 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 news 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. The reference to the website www.neurometrix.com has been provided as a convenience and not as an endorsement by the Company of the contents of such website. The Company does not make any representations regarding the content or accuracy of materials on such website. Information contained on such website is not incorporated by reference into this news release.
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