Harris & Harris Group Reports Financial Statements as of March 31, 2012
NEW YORK, May 10, 2012 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc. (Nasdaq:TINY), reported today that, as of March 31, 2012, its net asset value and net asset value per share were $151,726,414 and $4.89, respectively.
| SUMMARY OF FINANCIAL POSITION | |||
| March 31, 2012 | December 31, 2011 | March 31, 2011 | |
| (Unaudited) | (Audited) | (Unaudited) | |
| Total Assets | $156,782,743 | $150,343,653 | $150,174,275 |
| Net Assets | $151,726,414 | $145,698,407 | $146,632,745 |
| Net Asset Value per Share | $4.89 | $4.70 | $4.73 |
| Shares Outstanding | 31,000,601 | 31,000,601 | 30,997,601 |
As of March 31, 2012, we owned an aggregate of 2,304,149 shares of Solazyme, Inc. We valued this position at $33,709,700 or $1.09 per outstanding share, as of March 31, 2012. The key input to our valuation of Solazyme was the share price as of the close of trading on March 30, 2012, which was $14.63. As of May 9, 2012, Solazyme's closing price was $9.74 per share. At this price, our 2,304,149 shares of Solazyme are valued at $22,442,411, or $0.72 per outstanding share, as of May 9, 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
Source: Harris & Harris Group
Released May 10, 2012