Harris & Harris Group, Inc. has announced that its 2002 Annual Meeting of Shareholders, for shareholders of record on August 16, 2002, will be held at 3:00 p.m. on September 26, 2002 on the Concourse Level at 780 Third Avenue in New York City.
Harris & Harris Group had intended to ask shareholders at the Annual Meeting to approve changing the name of the company to Tiny Technology Venture Capital, Inc. However, the Company now believes that a recently adopted rule of the Securities and Exchange Commission under the Investment Company Act of 1940, as amended, (Rule 35d-1) would apply to business development companies and would require, if the Company changed its name, that the Company maintain investment of at least 80 percent of its total assets in tiny-technology companies. In light of its need to maintain liquidity for follow-on investments, the Company believes that it would not be in the best interest of shareholders to adopt a name that would prevent such liquidity. Accordingly, the Company will not ask shareholders to approve a name change at the Annual Meeting, and the Company will retain its name.
In 1994, we invested in our first tiny-technology company, Nanophase Technologies Corporation, a spinoff from Argonne National Laboratory, which completed an initial public offering in 1997. We sold our interest in Nanophase in 2001 and invested part of the proceeds of the sale in August 2001 in privately held Nantero, Inc., a Harvard University spinoff developing advanced semiconductors using nanotechnology. Including Nantero, our last seven private equity investments have been in tiny-technology enabled 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.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 for 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 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.