Harris & Harris Group Reports Financial Statements as of September 30, 2012
NEW YORK, Nov. 8, 2012 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc.
(Nasdaq:TINY), reported today that, as of September 30, 2012, its net asset
value and net asset value per share were $148,160,377 and $4.78, respectively.
SUMMARY OF FINANCIAL POSITION
Sept. 30, 2012 June 30, 2012 December 31, Sept. 30, 2011
(Unaudited) (Unaudited) (Audited) (Unaudited)
Total Assets $153,696,713 $157,864,070 $150,343,653 $140,052,709
Net Assets $148,160,377 $151,357,790 $145,698,407 $135,783,746
Net Asset Value per $4.78 $4.88 $4.70 $4.38
Shares Outstanding 31,000,601 31,000,601 31,000,601 31,000,601
As of September 30, 2012, we owned an aggregate of 1,938,190shares of
Solazyme, Inc. We valued this position at $22,269,803. The key input to our
valuation of Solazyme was the share price as of the close of trading on
September 28, 2012, which was $11.49. At September 30, 2012, this investment
represented $0.72 of our net asset value per share. As of November 7, 2012,
Solazyme's closing price was $7.56 per share, and we owned 1,929,190 shares of
Solazyme. At this price, our shares of Solazyme are valued at $14,584,676, or
$0.47 of our net asset value per share, as of November 7, 2012.
Harris & Harris Group is an early-stage, active investor in transformative
nanotechnology companies. Detailed information about Harris & Harris Group and
its holdings can be found on its website at www.HHVC.com.
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 for the fiscal
year ended December 31, 2011, as well as subsequent filings, 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, the Company
undertakes no obligation to update or revise these forward-looking statements
to reflect new events or uncertainties.The reference to the website
www.HHVC.com has been provided as a convenience, and the information contained
on such website is not incorporated by reference into this press release.
CONTACT: DOUGLAS W. JAMISON
TEL. NO. (212) 582-0900
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