Harris & Harris Group Reports Financial Statements as of June 30, 2011
NEW YORK, Aug. 8, 2011 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc. (Nasdaq:TINY) reported today that, as of June 30, 2011, its net asset value and net asset value per share (NAV) were $168,426,152 and $5.43, respectively.
| SUMMARY OF FINANCIAL RESULTS | ||||
| June 30, 2011 | March 31, 2011 | December 31, 2010 | June 30, 2010 | |
| (Unaudited) | (Unaudited) | (Audited) | (Unaudited) | |
| Total Assets | $173,384,222 | $150,174,275 | $149,289,168 | $141,459,436 |
| Net Assets | $168,426,152 | $146,632,745 | $146,853,912 | $139,182,848 |
| NAV | $5.43 | $4.73 | $4.76 | $4.51 |
| Shares Outstanding | 31,000,601 | 30,997,601 | 30,878,164 | 30,864,899 |
As of June 30, 2011, we owned an aggregate of 2,304,149 shares of Solazyme. This position was valued at $44,354,868 as of June 30, 2011, which is included in our total assets of $173,384,222. The key inputs to our valuation of Solazyme were the share price as of the close of trading on June 30, 2011, which was $22.97, less a liquidity discount owing to the lock-up restrictions placed on the shares through an agreement with the underwriters of the IPO. As of August 5, 2011, Solazyme's closing price was $17.61 per share.
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 news release. Please see the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2010, 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
Source: Harris & Harris Group
Released August 8, 2011