ARTICLE ON NANOPHARMA
Shareholders of Harris & Harris Group, Inc. may be interested in reading the article dated March 15, 2002, on www.smalltimes.com entitled, "Small Tech A Key Component of Harvard Cancer Research." The article outlines NanoPharma Corp. and its technology and applications.
As indicated in the article, Harris & Harris Group owns a 15 percent fully diluted ownership interest in NanoPharma. The investment in NanoPharma reflects Harris & Harris Group's recent decision to focus its new business activities exclusively on small tech, including nanotechnology, microsystems and microelectromechanical systems (MEMS) technology. In 1994, Harris & Harris Group invested in its first small tech company, Nanophase Technologies Corporation, a spinoff from Argonne National Laboratory, which completed an initial public offering in 1997. Harris & Harris Group sold its 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 and in February 2002, in NanoPharma Corp. Most recently, on March 13, 2002, Harris & Harris Group announced that it has invested $1 million in NeoPhotonics Corp., which has developed novel materials compositions to enable a unique optical integration platform for Metro/Access environments.
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.