HARRIS & HARRIS GROUP REPURCHASES 200,000 SHARES OF STOCK
Harris & Harris Group, Inc. announced today that its has repurchased 200,000 shares of its common stock at a net price of $1.69 per share for a total of $338,000. This transaction was pursuant to a repurchase program authorized by the Company's Board of Directors, as announced on October 12, 2000. This repurchase program authorized repurchase of up to $2 million of the Company's stock. Prior to today's block purchase, since October 12, 2000, the Company had repurchased a total of 176,600 shares of its common stock at approximately $3.00 per share for a total of $530,051.
Altogether, since 1998, the Company has now repurchased a total of 1,859,047 of its shares for a total of $3,496,388 or $1.88 per share. The Company now has 8,864,231 common shares outstanding.
Harris & Harris Group is a publicly traded venture capital company organized as a Business Development Company.
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.