LONDON--(Marketwire - Dec 20, 2012) - Harmonic Energy Inc. (
"Since taking over Harmonic and completing my first fiscal year as Chief Executive Officer, Harmonic Energy has made significant strides towards fulfilling its corporate goals and we are pleased to announce that our business plan is on schedule," said Jamie Mann. "We are also pleased that the company has now received its detailed plant and equipment quotations which have come in substantially under our estimated target budget. From December 2011 to present, the new Harmonic Team has transformed ASUV into a forward-thinking, cutting-edge tyre technology company. We have smoothly transitioned the company out of the oil and gas industry with a steadfast resolve and have focused purely on creating vertically integrated tyre manufacturing and recycling company which we believe offers the most profitable closed loop solution on the market today."
For much of the year Harmonic has been actively applying its resources on two primary fronts: tyre feedstock opportunities and identifying operational acquisition targets in the tyre sector. We believe this dual approach will enable the company to achieve revenues in the coming year. Harmonic has now identified and shortlisted a possible acquisition opportunity that could provide the company with existing tyre production revenues as well as the immediate opportunity to acquire additional scrap tyre volumes. This opportunity would also offer the company an additional fully permitted site and tyre collection infrastructure with fully compliant operations that are generating revenue. We look forward to the continued development of this opportunity in 2013 and we are thrilled to be taking our next steps towards generating cash flow.
Harmonic Energy is also extremely pleased to announce that it has begun negotiating private equity financings with several interest parties. Providing the company is able to reach a successful conclusion, we believe these funds will enable the company to achieve its business plan with faster growth while using these funds in the most cost effective manner to achieve the company's goals. Going forward we will further our negotiations with additional lenders. Jamie Mann, CEO, stated, "This first tranche will jumpstart the ability of the Company to meet its objective to do a combination of asset based lending and debt financing, without the necessity of further dilution on the Company's stock."
Harmonic wants to thank its shareholders for being a part of our most exciting year to date! Thanks for helping make 2012 an amazing year, we've made some incredible progress this year, and 2013 is lining up to be even better for our company.
About Harmonic Energy Inc.
Harmonic is a company that focuses on a comprehensive solution to the disposition of scrap tyres worldwide. Harmonic plans include the utilization of proven technologies that ensure each scrap tyre is either remanufactured and put back on the road as a new tyre or is completely recycled and reduced into marketable chemical commodity products. Both the tyre remanufacturing and carbonization technologies that will be utilized by Harmonic are commercially proven and have viable operating commercial facilities.
Harmonic plans to be the first company to integrate these two technologies to provide a comprehensive 'closed-loop' solution for the management of scrap tyres. By design, Harmonic plans to offer a solution that replicates nature's intentions by developing symbiosis between waste, energy supply and sustainable growth.
This news release contains forward-looking statements, which may not be based on historical facts. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results events or developments to be materially different from any future results, events or developments expressed or implied by such forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. Except as required by applicable securities laws, the Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future results, events or developments.
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