Harris & Harris Group Sells Shares of Genomica Corporation.Business Editors NEW YORK--(BUSINESS WIRE)--Aug. 3, 2001 Harris & Harris Group, Inc. announced today that it has sold all of its shares of common stock of publicly traded Genomica Corporation (Nasdaq: GNOM). Harris & Harris Group owned a total of 731,111 shares of GNOM, or approximately 2.94 percent of the GNOM shares outstanding, at a cost of $1,500,304. It has sold those shares for net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of approximately $2,523,274, thus realizing a net long-term capital gain Long-term capital gain A profit on the sale of a security or mutual fund share that has been held for more than one year. of approximately $1,022,970. In 1996, Harris & Harris Group was a founding investor in Genomica, which was a spinoff Spinoff A new, independent company created through selling or distributing new shares for an existing part of another company. Notes: Spinoffs may be done through a rights offering. from Cold Spring Harbor Laboratory  The Cold Spring Harbor Laboratory . Today,
Genomica is a publicly held provider of software products and services
that are designed to enable pharmaceutical and biotechnology researchers
to accelerate the drug discovery and development process.
Harris & Harris Group intends to invest all or some portion of the proceeds of the sale of its shares of Genomica in other private equity situations. 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. There can be no assurance however that Harris & Harris Group will be successful in investing any of the proceeds of this sale in nanotechnology companies. Harris & Harris Group is a publicly traded venture capital company organized as a Business Development Company. Harris & Harris Group has 9,064,231 common shares issued and outstanding. Detailed information about Harris & Harris Group and its holdings can also be found on its website at www.hhgp.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 of 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. 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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