Harris "concerned"about Nanophase
August 4, 1998 12:11 PM
WASHINGTON, Aug 4 (Reuters) - Harris & Harris Group Inc, a New York City venture capital investment company, Tuesday said it was "concerned" about the financial performance and depressed value of Nanophase Technologies Corp.'s stock.
Harris, with a 5.9 percent stake, or 730,916 common shares in Nanophase, said it belives the company's management has not performed well and believes that it should seek a new chief executive officer.
Harris, in a Securities and Exchange Commission filing, also said it will continue to communicate its concerns to Nanophase and may seek discussions with its management and the board of directors over enhancing value.
It added that it has no intention of seeking control of the company or to participate in its management.
Nanophase, based in Burr Ridge, Ill., said that for the second quarter of this year, total revenues were $218,178 compared with $603,003 in the second quarter of last year. And second quarter revenue from product sales was $141,494 compared with $228,623 for the same period in 1997.
The company makes engineered advanced materials for a variety of product applications in the electronics, structural ceramics, cosmetics and industrial catalysts industries.
A telephone call to Nanophase seeking comment on the Harris filing was not immediately returned.
((Peter Ramjug at SEC newsroom, phone: 202-898-8399 Fax: 202 347-3853, E-Mail peter.ramjug@reuters.com))
REUTERS |
