PRESS RELEASE
| HARRIS & HARRIS GROUP, INC. |
MAY 8, 2006 |
| 111 WEST 57TH STREET |
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| NEW YORK, NEW YORK 10019 |
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| NASDAQ/NMS SYMBOL: TINY |
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| CONTACT: CHARLES E. HARRIS |
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| TEL. NO. (212) 582-0900 |
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HARRIS & HARRIS GROUP REPORTS BALANCE SHEET FOR QUARTER ENDED MARCH 31, 2006
During the quarter ended March 31, 2006, Harris & Harris Group, Inc.�, invested a total of $9,412,764 in privately held companies working at the nanoscale. Two of these were initial deals, in which the Company invested a total of $5,300,000. Two of these were follow-on deals, in which the Company invested a total of $4,112,764. Since the close of the first quarter, the Company has invested an additional $4,809,950 in new and follow-on deals in companies working at the nanoscale. In summary, in 2006 to date, we have invested a total of $14,222,714 in tiny-technology companies, versus a total of $16,251,339 in all of 2005.
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 29 initial private equity investments have been in tiny technology-enabled companies. The Company has 20,756,345 common shares outstanding.
Detailed information about Harris & Harris Group and its holdings can be found on its website at www.TinyTechVC.com.
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Mar. 31, 2006 | Dec. 31, 2005 |
Mar. 31, 2005 |
|
(Unaudited) |
(Audited) |
(Unaudited) |
| Total Assets |
$121,339,323 |
$132,947,623 |
$76,772,881 |
| Net Assets |
$116,333,752 |
$117,987,742 |
$72,511,352 |
| Total Net Income Tax Liability |
$1,354,504 |
$9,637,334 |
$1,362,001 |
| Net Asset Value per Share
|
$5.60 |
$5.68 |
$4.20 |
| Shares Outstanding |
20,756,345 |
20,756,345 |
17,248,845 |
This press 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 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. The reference to the website www.TinyTechVC.com has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release.
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