PRESS
RELEASE
HARRIS & HARRIS GROUP,
INC.
®
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JUNE
2, 2010
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1450
BROADWAY, 24TH
FLOOR
|
|
NEW
YORK, NY 10018
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CONTACT:
DOUGLAS W. JAMISON
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|
|
NASDAQ/NMS
SYMBOL: TINY
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TEL.
NO. (212) 582-0900
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HARRIS
& HARRIS GROUP COMPENSATION COMMITTEE CANCELS OPTION GRANTS FOR THE NEXT
YEAR
Harris
& Harris Group, Inc., announced that its Compensation Committee has
cancelled its previously scheduled meetings for the purpose of awarding stock
options pursuant to the Harris & Harris Group, Inc. 2006 Equity Incentive
Plan (the "Plan") in 2010, and will not award stock options for at least the
next year. The Compensation Committee believes this action better
aligns management’s interests with our shareholders’ interests at a time when
our shares are trading below net asset value per share (“NAV”). The
Compensation Committee also decided that any future grants of options, if they
occur, will not be awarded at a price below NAV.
Harris
& Harris Group is a publicly traded venture capital company that invests in
nanotechnology and microsystems. 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, 2009, 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.