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NEW YORK, Aug. 10, 2015 (GLOBE NEWSWIRE) -- Harris & Harris Group, Inc. (Nasdaq:TINY) reported today that as of June 30, 2015, its net asset value and net asset value per share were $104,482,738 and $3.34, respectively. The Company also announced today that its Board of Directors has authorized the Company to repurchase shares of its outstanding common stock with an aggregate value of up to $2.5 million.
Over the last year, our shareholder letters and blogs have been very clear on our path forward. First, we are seeking to monetize our holdings that are not strategic to our growth or our BIOLOGY+ investment thesis. Key events through June 30, 2015, that support this monetization include the following:
We have also had a number of events occur subsequent to the end of the second quarter that support our monetization goal including:
Second, we have focused our time and resources on a smaller set of companies that we believe have the potential to drive value for Harris & Harris Group shareholders in the future. Key events through June 30, 2015, and events that have occurred subsequent to the end of the second quarter that support this goal include the following:
Third, we do not believe our stock price reflects the current or future value of the companies we are a part of building at Harris & Harris Group. When there is such a disconnect in the potential value of our Company and the price reflected in the stock, we believe one of the best investments we can make is in our own stock. Utilizing the cash the Company has received from the monetization of some of our portfolio companies in 2015, our Board of Directors has authorized the repurchase of up to $2.5 million of our shares in the open market at prices that may be above or below the net asset value as reported in our most recently published financial statements. We anticipate that the manner, timing, and amount of any share purchases will be determined by our management based upon the evaluation of market conditions, stock price, and additional factors in accordance with regulatory requirements.
Pursuant to the Investment Company Act of 1940, as amended, we are required to notify shareholders when such a program is initiated or implemented. The repurchase program does not require us to acquire any specific number of shares and may be extended, modified, or discontinued at any time.
“Strategically, the second quarter of 2015 was another step forward for the companies that we believe will drive value for Harris & Harris Group over the next few years. Positive events are happening at D-Wave, AgBiome, Metabolon, HZO and Adesto to name just a few,” said Doug Jamison, CEO of Harris & Harris Group. “Tactically, we have also been successful generating liquidity events in 2015, and we remain focused on additional liquidity events in 2015 and 2016. Additionally, our current portfolio is well positioned in the important growth areas of quantum computing, machine learning, the microbiome, agtech, regenerative medicine and the Internet of Things.”
|SUMMARY OF FINANCIAL POSITION|
|June 30, 2015||December 31, 2014||June 30, 2014|
|Net Asset Value per Share||$||3.34||$||3.51||$||3.87|
Harris & Harris Group is a publicly traded venture capital firm that is also a business development company. Detailed information about Harris & Harris Group and its holdings can be found on its website at www.HHVC.com, on Facebook at www.facebook.com/harrisharrisvc and by following on Twitter @harrisandharrisgroup.
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, 2014, 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 references to the websites www.HHVC.com and www.Facebook.com have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Harris & Harris Group is not responsible for the contents of third party websites.
CONTACT: DOUGLAS W. JAMISON TEL. NO. (212) 582-0900NEXT ARTICLE
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