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Technology Stocks : Voice Control Systems, Inc (VCSI) -- Ignore unavailable to you. Want to Upgrade?

To: John T. Hardee who wrote (115)	4/15/1998 9:11:00 PM
From: John T. Hardee	Respond to of 194

Harris & Harris Group Announces Closing of PureSpeech Transaction and Approval of Stock Repurchase Program NEW YORK--(BUSINESS WIRE)--April 15, 1998--Harris & Harris Group Inc. (NASDAQ/NMS:HHGP - news) announced today that the sale of PureSpeech Inc. to Voice Control Systems Inc. (Nasdaq:VCSI - news; Nasdaq National Market System Symbol: VCSI) has closed. In this transaction, Harris & Harris Group is receiving 268,239 Voice Control Systems common shares, including 56,171 shares purchased for $82,953 through exercise of warrants on April 2, 1998. Ten percent of the shares of VCSI owned by Harris & Harris Group are subject to escrow for one year to cover breaches of representations or warranties by PureSpeech, and all of Harris & Harris Group's VCSI shares are restricted under Rule 144, but with a demand registration right. Harris & Harris Group's 268,239 shares of VCSI have a cost basis of $1,326,932. Separately, IBM and VCSI announced on April 13, 1998 the formation of a partnership in speech recognition software for telecommunications, with the announced goal of defining ''the market standard for speech-based telephony solutions...'' With the closing of the PureSpeech transaction, Harris & Harris Group's board of directors has approved the repurchase of up to 700,000 shares of Harris & Harris Group common stock in the open market. All purchases would be made in accordance with the SEC's safe harbor rules for corporate stock repurchases. Harris & Harris Group is a Business Development Company with 10,692,971 common shares issued and outstanding. This press release may contain statements of a forward-looking nature relating to future events. Shareholders are cautioned that such statements are predictions and that actual events or results may differ significantly. -------------------------------------------------------------------------------- Contact: Harris & Harris Group Charles E. Harris, 212/332-3606