NEWS RELEASE
| HARRIS & HARRIS GROUP, INC. |
FEBRUARY 14, 2002 |
| ONE ROCKEFELLER PLAZA |
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| NEW YORK, NEW YORK 10020 |
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| NASDAQ/NMS SYMBOL: HHGP |
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| CONTACT: CHARLES E. HARRIS |
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| TEL. NO. (212) 332-3606 |
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HARRIS & HARRIS GROUP REPORTS NET ASSET VALUE OF $2.75 PER SHARE AS OF DECEMBER 31, 2001
Harris & Harris Group, Inc. announced today that its audited net asset value and net asset value per share (NAV) as of December 31, 2001, were $24,334,770 and $2.75, respectively. On January 22, 2002, the Company declared a deemed dividend of $0.0875 per share to shareholders of record on December 31, 2001 (please see the Company's website, www.hhgp.com, for details).
Harris & Harris Group is a publicly traded venture capital company organized and operating as a Business Development Company. Historically, the Company has specialized in early stage, high technology, private equity investments. The Company made its first investment in a nanotechnology company in 1994, which it sold in 2001, Nanophase Technologies Corporation (Nasdaq: NANX); its second such investment in August of 2001, Nantero, Inc.; and its third such investment on February 12, 2002, Nanopharma Corp. The Company's new business activities are now focused on nanotechnology. Detailed information about the Company and its holdings can be found on its website, www.hhgp.com.
SUMMARY OF FINANCIAL RESULTS
|
December 31, 2001 |
September 30, 2001 |
December 31, 2000 |
|
(Audited) |
(Audited) |
(Audited) |
| Total Assets |
$39,682,367 |
$28,567,728 |
$43,343,423 |
| Net Assets |
$24,334,770 |
$25,922,620 |
$31,833,475 |
| Total Income Tax Liability |
$1,619,539 |
$1,407,246 |
$7,116,036 |
| Net Asset Value per Share |
$2.75 |
$2.92 |
$3.51 |
| Shares Outstanding |
8,864,231 |
8,864,231 |
9,064,231 |
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.
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