As of August 17, 2005, TINY had a net asset value of $5.07 per share.
Harris & Harris Group Reports Net Asset Value
Wednesday August 17, 12:35 pm ET
NEW YORK--(BUSINESS WIRE)--Aug. 17, 2005--The Company announced that in connection with a proposed public offering of shares of common stock pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission, as of today we have determined that our net asset value per share is $5.07. The increase of $7,952,716 in our net asset value since our most recently reported balance sheet data as of June 30, 2005, reflects an increase of $10,715,910 in the value of our shares in NeuroMetrix, Inc. (Nasdaq: NURO - News), minus an increase of $2,160,792 in our reserve for employee profit-sharing. For the purpose of the accrual, we calculate 20 percent of qualifying income pursuant to the terms of the profit-sharing plan and estimate the effect on qualifying income of selling all the portfolio investments that are valued above cost (i.e., are in an unrealized appreciation position). This methodology results in a fluctuation in our accrual but is not reflective of actual payments made under the profit-sharing plan. Profit-sharing plan payments require the existence of qualifying income and consider only realized gains and losses (unrealized gains are excluded).
Because our 1,137,570 shares of NURO, which went public in July 2004, are currently our most highly valued holding, the volatility of NURO's stock price is now a significant influence on our net asset value. NURO closed on August 16, 2005, at $29.45 per share, versus $20.03 per share on June 30, 2005.
Harris & Harris Group is a publicly traded venture capital company that makes initial investments exclusively in tiny technology, including nanotechnology, microsystems and microelectromechanical systems (MEMS). The Company's last 24 initial private equity investments have been in tiny-technology enabled companies. As of today, the Company has 17,248,845 shares of common stock outstanding.
Detailed information about Harris & Harris Group, Inc. and its holdings can be found on its website at tinytechvc.com.
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