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NEWS RELEASE SCIENTIFIC AMERICAN SPECIAL ISSUE ON NANOTECH Shareholders of Harris & Harris Group, Inc. may be interested to read the special issue of Scientific American magazine, dated September 2001, entitled, "Nanotech: The Science of the Small Gets Down to Business." Harris & Harris Group made its first nanotech investment in 1994, when it invested in a spinoff from Argonne National Laboratory, Nanophase Technologies Corporation, which in 1997 became the first and to date only nanotechnology company to complete an initial public offering. Harris & Harris Group sold its interest in Nanophase in 2001 and recently invested part of the proceeds of the sale in privately held Nantero, Inc., a company developing advanced seminconductors using nanotechnology. As we recently noted in our Six Months' Report to Shareholders (which is available only on our website, www.hhgp.com, under "About Harris & Harris"), "newly formed nanotechnology companies are intensely interesting to Harris & Harris Group, and we have been spending time learning about them and getting to know several of them. In some cases, we are currently engaged in serious due diligence and negotiations with them, with a view towards providing them with seed capital, A-round financing or B-round financing, depending on their stage of development. Because of the great diversity of these companies, technologies and intended markets, we believe that a portfolio of nanotechnology private equity investments could be built while maintaining ample portfolio diversification." Harris & Harris Group is a publicly traded venture capital company organized as a Business Development Company. Harris & Harris Group has 9,064,231 common shares issued and outstanding. 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. |
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