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Thursday August 24, 5:12 pm Eastern Time
Press Release
Harris & Harris Group Increases Cash Position
NEW YORK--(BUSINESS WIRE)--Aug. 24, 2000--Harris & Harris Group, Inc.
(NASDAQ/NMS SYMBOL:HHGP - news) announced today that it has increased its cash and equivalents to $11,562,873
by selling 100,000 shares of Alliance Pharmaceutical Corp. (NASDAQ:ALLP - news; www.allp.com) for a total of
$1,384,225. The Company purchased these shares in a private placement in 1999 for $200,000.
Subject to review from time to time, the Company currently plans to retain this cash for reinvestment and working capital.
Accordingly, the Company will increase its reserve for taxes by $414,480. The Company continues to hold 500,000 shares of
ALLP that it purchased in 1999 for $1,000,000.
Alliance Pharmaceutical was founded by Harris & Harris Group in 1983 and was Harris & Harris Group's first private equity
investment.
Harris & Harris Group is a Business Development Company with 9,240,831 common shares outstanding.
Detailed information about Harris & Harris Group and its holdings can be found on its website at hhgp.com.
This press release may contain statements of a forward-looking nature relating to future events. Statements contained in this
press release that are forward looking statements are intended to be made pursuant to the Safe Harbor Provisions for the
Private Securities Litigation Reform Act of 1995. 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 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.
Contact:
Harris & Harris Group, Inc., New York
Charles E. Harris, 212/332-3606
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