Harris & Harris Group Receives $5.7 Million Payment From PHZ.Business Editors NEW YORK--(BUSINESS WIRE)--Dec. 31, 2002 Harris & Harris Group, Inc. announced today that it has received $5,700,000 in cash from PHZ Capital Partners L.P. in accordance with the definitive agreement announced on November 1, 2002. PHZ Capital Partners has indicated that it will make one or more additional payments to Harris & Harris Group in early 2003 to liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the fully Harris & Harris Group's 20 percent interest. As previously announced, the total amount of cash, and the tax effects that the liquidation The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts. A type of proceeding pursuant to federal Bankruptcy of Harris & Harris Group's interest in PHZ will generate, will be determined definitively upon the closing of PHZ's books for the year 2002 and the completion of Harris & Harris Group's annual audit for the year 2002. The timing of the complete payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. to Harris & Harris Group is governed by the definitive agreement and depends under certain circumstances on PHZ's profitability through December 31, 2002. At September 30, 2002, Harris & Harris Group valued its interest in PHZ at $6,086,271. In 1995, Harris & Harris Group invested $720,000 as the seed venture capital investor in PHZ. Prior to today's payment of $5,700,000, PHZ had paid out to Harris & Harris Group a total of $2,045,680 in partnership cash distributions. PHZ organizes and manages investment partnerships utilizing its proprietary algorithms. PHZ's assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. and PHZ's capital had reached all-time highs, and the liquidation of Harris & Harris Group's interest is expected to have no effect on PHZ's operations. Harris & Harris Group is a publicly traded venture capital company. The Company now makes initial investments exclusively in tiny-technology enabled companies, and its last eight initial private equity investments have been in such companies. Harris & Harris Group, Inc. is a Business Development Company with 11,498,845 common shares outstanding. Detailed information about Harris & Harris Group, Inc. and its holdings can be found on its website at http://www.TinyTechVC.com. This press release may contain statements of a forward-looking nature relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future events. Statements contained in this press release that are forward looking statements are intended to be made pursuant to the Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Provisions for the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. These forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and recent Prospectus 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. |
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