PRESS RELEASE
| HARRIS & HARRIS GROUP, INC. |
MAY 9, 2005 |
| 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, 2005
The decline of $2,233,447 in the first quarter in our net asset value reflected, among other things, the decline of $2,250,029 in the value of our shares in NeuroMetrix, Inc. (Nasdaq: NURO), which went public in July 2004. Because our 1,137,570 shares of NURO are currently our most highly valued holding, the volatility of NURO's stock price is now a significant influence on our net asset value and net asset value per share (NAV). NURO closed on December 31, 2004, at $11.75, versus $9.55 on March 31, 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 22 initial private equity investments have been in tiny-technology enabled companies. The Company has 17,248,845 common shares outstanding.
Detailed information about Harris & Harris Group, Inc., and its holdings, including the letter to shareholders for the first quarter, can be found on its website at http://www.TinyTechVC.com.
SUMMARY OF FINANCIAL RESULTS
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March 31, 2005 |
December 31, 2004 |
March 31, 2004 |
|
(Unaudited) |
(Audited) |
(Unaudited) |
| Total Assets |
$76,772,881 |
$79,361,451 |
$55,105,581 |
| Net Assets |
$72,511,352 |
$74,744,799 |
$41,503,253 |
| Total Net Income Tax Liability |
$1,362,001 |
$1,361,990 |
$658,309 |
| Net Asset Value per Share |
$4.20 |
$4.33 |
$3.01 |
| Shares Outstanding |
17,248,845 |
17,248,845 |
13,798,845 |
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.
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