PRESS
RELEASE
|
FOR
IMMEDIATE RELEASE
|
HARRIS
& HARRIS GROUP, INC.®
|
JUNE
17, 2008
|
111
WEST 57th
STREET, SUITE 1100
NEW
YORK, NEW YORK 10019
|
CONTACT:
CHARLES E. HARRIS
|
NASDAQ/NMS
SYMBOL: TINY
|
TEL.
NO. (212) 582-0900
|
HARRIS
& HARRIS GROUP ANNOUNCES 2,545,000 SHARE
COMMON
STOCK PLACEMENT WITH INSTITUTIONAL INVESTORS
Harris
& Harris Group, Inc., announced today that it has entered into definitive
agreements with institutional investors to sell 2,545,000 shares of its common
stock at a price of $6.15 per share through a registered offering for net
proceeds, after placement agent fees and estimated offering expenses, of
approximately $14,387,645. The closing is expected to take place on or about
June 20, 2008, subject to the satisfaction of customary closing conditions.
The
shares will be issued directly to investors under Harris & Harris Group’s
shelf registration statement on Form N-2, which was declared effective by
the
Securities and Exchange Commission on May 29, 2008. ThinkPanmure, LLC acted
as
the exclusive placement agent in connection with the offering. A final
prospectus supplement related to this offering will be filed today with the
Securities and Exchange Commission.
This
press release does not constitute an offer to sell or a solicitation of an
offer
to buy the securities referred to herein, nor shall there be any sale of
these
securities in any state in which such an offer, solicitation or sale would
be
unlawful prior to registration or qualification under the securities laws
of any
such state.
Investors
are advised to carefully consider the investment objectives, risks and charges
and expenses of the Company before investing. The prospectus dated May 29,
2008,
and the prospectus supplement dated June 16, 2008, contain this and other
information about the Company and should be read carefully before investing.
An
offering may be made only by means of a prospectus and a related prospectus
supplement, copies of which may be obtained from Harris & Harris Group,
Inc., 111 West 57th Street, Suite 1100, New York, NY 10019, at (212) 582-0900
or
from ThinkPanmure, LLC, 31 West 52nd
Street,
17th
Floor,
New York, NY 10019, at (212) 468-7044.
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
40
initial private equity investments have been in tiny technology-enabled
companies. The Company had 23,314,573 shares of common stock outstanding
as of
June 16, 2008.
Detailed
information about Harris & Harris Group and its holdings can be found on its
website at www.TinyTechVC.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 Registration Statement on Form N-2, Prospectus
Supplement and Annual Report on Form 10-K for the year ended December 31,
2007,
as well as subsequent SEC 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, 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.