Nanotechnology Now







Heifer International

Wikipedia Affiliate Button


DHgate

Home > Press > Impact of Economic Conditions on Harris & Harris Group

Abstract:
Given the current financial and economic environment, we have received a number of questions over the last few days. These questions have focused on how this environment is affecting Harris & Harris Group's financial position, its status as a financial institution, and more specifically its status as a business development company ("BDC").

Impact of Economic Conditions on Harris & Harris Group

New York, NY | Posted on March 6th, 2009

At September 30, 2008, we had approximately $57.9 million in cash and U.S. Treasury obligations. We have no debt outstanding. Accordingly, we are not subject to credit agency downgrades, or risk of default or failure from these types of loans that could cause us to fail asset coverage tests or force a fire sale of assets. Our operating expenses are expected to be approximately $6 million per year. Our Annual Letter to Shareholders and our annual report on Form 10-K will be filed with the Securities and Exchange Commission and posted on our website by March 16, 2009. The Annual Letter to Shareholders and annual report will continue to address how we have positioned Harris & Harris Group in this economic downturn.

Regarding our status as a BDC, Harris & Harris Group is an internally managed venture capital company that has elected to operate as a BDC under the Investment Company Act of 1940. Unlike other BDCs that engage primarily in middle market lending, we believe that we are the only BDC that invests exclusively in venture capital-backed technology companies. Our investment objective is long-term capital appreciation rather than current income. We fund our day-to-day operations using interest earned and proceeds from the sales of our investments in U.S. Treasury obligations ($57 million at September 30, 2008). Accordingly, any decrease in the valuations of our private portfolio companies does not currently adversely impact our daily liquidity.

####

About Harris & Harris Group, Inc.
Harris & Harris Group is a publicly traded venture capital company that invests in tiny technology, including nanotechnology, microsystems and microelectromechanical systems (MEMS). A growing percentage of the Company's portfolio consists of companies developing cleantech solutions.

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, 2007, the Company's report on Form 10-Q for the quarter ended September 30, 2008 and 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, 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.

For more information, please click here

Contacts:
DOUGLAS W. JAMISON
TEL. NO. (212) 582-0900

Copyright © Harris & Harris Group

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Solving molybdenum disulfide's 'thin' problem: Research team increases material's light emission by twelve times March 29th, 2015

A first glimpse inside a macroscopic quantum state March 28th, 2015

DFG to Establish One Clinical Research Unit and Five Research Units: New Projects to Investigate Complications in Pregnancy, Particle Physics, Nanoparticles, Implants and Transport Planning / Approximately 13 Million Euros in Funding for an Initial Three-Year Period March 28th, 2015

UT Dallas engineers twist nanofibers to create structures tougher than bulletproof vests March 27th, 2015

VC/Funding/Angel financing/Loans/Leases/Crowdfunding

Hong Kong Investors Bullish on Dais Analytic Invest $5.75M, Provide $60M Contract, and Create New Joint Venture Company March 26th, 2015

Harris & Harris Group Reports Financial Statements as of December 31, 2014 and Posts Annual Letter to Shareholders on Website March 17th, 2015

Silicon Catalyst Announces Partnership With imec to Support Semiconductor Start-Ups February 23rd, 2015

Ligar secures investment from Wallace Corporation to commercialise polymers that pick out good and bad molecules: Ground-breaking science innovation removes molecules in the wrong place from liquids February 15th, 2015

Investments/IPO's/Splits

Harris & Harris Group Reports Financial Statements as of December 31, 2014 and Posts Annual Letter to Shareholders on Website March 17th, 2015

Arrowhead to Present at 2015 Barclays Global Healthcare Conference March 4th, 2015

Arrowhead to Present at 2015 RBC Capital Markets' Global Healthcare Conference February 17th, 2015

Iran 1st among Islamic Nations in Scientific Production, Nanotechnology February 16th, 2015

Announcements

Solving molybdenum disulfide's 'thin' problem: Research team increases material's light emission by twelve times March 29th, 2015

A first glimpse inside a macroscopic quantum state March 28th, 2015

DFG to Establish One Clinical Research Unit and Five Research Units: New Projects to Investigate Complications in Pregnancy, Particle Physics, Nanoparticles, Implants and Transport Planning / Approximately 13 Million Euros in Funding for an Initial Three-Year Period March 28th, 2015

Using magnetic fields to understand high-temperature superconductivity: Los Alamos explores experimental path to potential 'next theory of superconductivity' March 27th, 2015

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoTech-Transfer
University Technology Transfer & Patents
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More










ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project







© Copyright 1999-2015 7th Wave, Inc. All Rights Reserved PRIVACY POLICY :: CONTACT US :: STATS :: SITE MAP :: ADVERTISE