Nanotechnology Now

Our NanoNews Digest Sponsors


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

JPK reports on the use of a NanoWizard AFM system at the University of Kaiserslautern to study the interaction of bacteria with microstructured surfaces April 28th, 2016

University of Illinois researchers create 1-step graphene patterning method April 27th, 2016

Nanograft seeded with 3 cell types promotes blood vessel formation to speed wound healing April 27th, 2016

NREL finds nanotube semiconductors well-suited for PV systems April 27th, 2016

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

ORIG3N Added to Companies Presenting at Harris & Harris Group's Annual Meeting, Tuesday June 7, 2016, the New York Genome Center April 27th, 2016

Philadelphia Mathematician Robert Clark Turns to Crowdfunding to Support Nanotechnology Research That Could Lead to ‘Flying’ Cars and Space Elevator April 4th, 2016

Harris & Harris Group Announces Formation of Co-Investment Fund for Accredited Investors March 9th, 2016

Clinatec Announces €30M Fundraising Campaign to Speed Research In Treatment of Neurodegenerative Diseases, Cancer and Motor Disabilities February 24th, 2016

Investments/IPO's/Splits

ORIG3N Added to Companies Presenting at Harris & Harris Group's Annual Meeting, Tuesday June 7, 2016, the New York Genome Center April 27th, 2016

Aspen Aerogels to Present at the 28th Annual ROTH Conference March 14th, 2016

Harris & Harris Group Announces Formation of Co-Investment Fund for Accredited Investors March 9th, 2016

Arrowhead to Present at Upcoming March Conferences March 1st, 2016

Announcements

JPK reports on the use of a NanoWizard AFM system at the University of Kaiserslautern to study the interaction of bacteria with microstructured surfaces April 28th, 2016

University of Illinois researchers create 1-step graphene patterning method April 27th, 2016

Researchers create artificial protein to control assembly of buckyballs April 27th, 2016

Chemists use DNA to build the world's tiniest thermometer April 27th, 2016

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







Car Brands
Buy website traffic