PRESS RELEASE
| HARRIS & HARRIS GROUP, INC. |
NOVEMBER 4, 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 NINE MONTHS ENDED SEPTEMBER 30, 2005
Harris & Harris Group, Inc., announced today that, as of September 30, 2005, its net assets and net asset value per outstanding share (NAV) were $123,376,692 and $5.94, respectively.
During the quarter, the Company sold 3,507,500 shares of its common stock at $11.25 per share for net proceeds of $36,526,567 after underwriting discounts and expenses.
Harris & Harris Group is a publicly traded venture capital company that makes initial investments exclusively in tiny technology, including nanotechnology, microsystems and microelectromechanical systems (MEMS). The Company's last 24 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, Inc. and its holdings can be found on its website at http://www.TinyTechVC.com.
SUMMARY OF FINANCIAL RESULTS
|
Sept. 30, 2005 | June 30, 2005 |
Dec. 31,2004 |
Sept. 30, 2004 |
|
(Unaudited) |
(Unaudited) |
(Audited) |
(Unadited) |
| Total Assets |
$132,523,181 |
$103,994,225 |
$79,361,451 |
$80,757,636 |
| Net Assets |
$123,376,692 |
$79,513,203 |
$74,744,799 |
$76,505,012 |
| Total Net Income Tax Liability |
$1,353,454 |
$1,356,579 |
$1,361,990 |
$1,306,047 |
| Net Asset Value per Share
| $5.94 |
$4.61 |
$4.33 |
$4.44 |
| Shares Outstanding |
20,756,345 |
17,248,845 |
17,248,845 |
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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