Harris & Harris Group Sells Shares of Nanophase Technologies Corporation
NEW YORK--(BUSINESS WIRE)--Aug. 1, 2001--Harris & Harris Group, Inc. announced today that it has sold all of its shares of common stock of publicly traded Nanophase Technologies Corporation (Nasdaq: NANX - news).
As of June 30, 2001, Harris & Harris Group owned a total of 705,916 shares of NANX, or approximately 5.2 percent of the NANX shares outstanding, at a cost of $1,500,418. It has sold those shares for net proceeds of approximately $4,263,242, thus realizing a net long-term capital gain of approximately $2,762,824.
Harris & Harris Group initially invested in Nanophase in 1994, when Nanophase was a privately held technology spinoff from Argonne National Laboratory. Nanophase is a nanotechnology company engaged in research and commercial production and sales of nanocrystalline materials. Harris & Harris Group remains intensely interested in the burgeoning field of nanotechnology. Currently, Harris & Harris Group is actively engaged in investment meetings, discussions and negotiations with several privately held, early-stage companies with proprietary nanotechnologies that are in various stages of commercialization of products for a variety of markets.
Thus, Harris & Harris Group may eventually invest all or some portion of the proceeds of its sale of its shares of Nanophase in other nanotechnology companies. There can be no assurance however that Harris & Harris Group will be successful in investing any of the proceeds of this sale in other nanotechnology companies. |
