Harris & Harris Group, Inc. announced today that at September 30, 2003, its unaudited net asset value and net asset value per share (NAV) were $24,225,912 and $2.11, respectively.
Valuations of venture capital deals remain subdued, and the pace of investment by the venture capital industry as a whole has picked up only slightly from depressed levels, despite the recovery in the stock market. There continue to be ample venture capital investment opportunities in tiny technology. Although some deals are oversubscribed, venture capital in general, including tiny technology, remains, in our view, essentially a buyer's market. Because tiny technology enables so many different applications, it is difficult to generalize about the field. But in nanotechnology in particular, there is growing government and private funding of research and development, and there are continual scientific, technological and commercial developments. Notwithstanding all of this constructive activity, we are unaware of any privately held tiny technology companies that are currently preparing initial public offerings or that are negotiating to be purchased by larger corporations.
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.
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.TinyTechVC.com.
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