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HARRIS & HARRIS GROUP AFFILIATE nFX CORPORATION TO SEEK STRATEGIC PARTNER THROUGH JOINT VENTURE OR ACQUIRER.

NEW YORK--(BUSINESS WIRE)--Nov. 25, 1996--Harris & Harris Group announced today that the Board of Directors of its 37.5 percent owned affiliate, nFX Corporation, has voted to seek a strategic partner either through joint venture or acquisition of the company.

nFX Corporation's Board of Directors has concluded that nFX needs the resources of a large strategic partner to exploit its proprietary, technology more fully. Accordingly, nFX has engaged a consultant, Mr. Mel P. Melsheimer, to assist nFX in the process of obtaining such a partner. Mr. Melsheimer is a director of nFX and served as interim president of nFX in 1995. He is also a consultant to Harris & Harris Group.

nFX is a privately-held corporation that develops tools and applications that enable "Living Graphics" -- software giving users the ability to create, transmit and manipulate original, dynamic images and animations in real time. Currently, it is focusing on developing chat-room avatars for the World Wide Web.

Harris & Harris Group owns a fully-diluted 37.5 percent interest in nFX Corporation that it values at $4,428,959 with an historical cost basis of $2,536,720. There can be no assurance that nFX will complete any transaction; that any such transaction would result in a sale by Harris & Harris Group of any of its interest in nFX Corporation; or that any such sale would enable Harris & Harris Group to realize a profit or to recoup the value of its investment or its historical costs. If nFX is unable to arrange a satisfactory transaction, Harris & Harris Group expects that it would suffer a significant loss.

Harris & Harris Group is a Business Development Company with 10,564,889 common shares issued and outstanding. Detailed information about Harris & Harris Group can be found on its World Wide Web site on the Internet at (http://www.hhgp.com).

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: David C. Johnson, Jr.

212/332-3613
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Publication:Business Wire
Date:Nov 25, 1996
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