Harmonic Energy Signs Financing Term Sheet for $10M in Funding
LONDON -- (Marketwire) -- 01/16/13 -- Harmonic Energy Inc. (OTCQB:
ASUV), a company focused on tyre manufacturing and recycling that
uses an innovative approach to energy efficiency and sustainability,
has successfully negotiated and signed a non-binding Term Sheet for
$10 million in funding.
This represents a major milestone for the Company and the management
team is delighted to begin 2013 with this positive news. The Term
Sheet is with a well-known, private investment group that deploys
equity capital into publicly traded companies throughout North
America, Europe and Asia Pacific. This group specializes in working
with SMEs that are looking for alternative sources of financing for
extended periods of time, and they have completed over a thousand
financings. Harmonic will use the net proceeds to further develop its
core projects in the United States and in the United Kingdom. The
company's Tyrolysis process provides a sustainable solution to the
global scrap tyre problem by remanufacturing tyres collected that are
suitable for this process while recovering energy and sustainable
commodities (oil and minerals) from those not fit for re-use.
With this offer for funding from a reputable boutique investment
firm, Harmonic plans to aggressively position itself as a premier
green tyre manufacturer leading in sustainability. This means that,
subject to entering into a definitive agreement with the investors,
the ASUV financing "will accomplish a number of goals," said Mr.
Jamie Mann, Harmonic's Chief Executive Officer. "The completion of
this transaction will represent a significant step forward in
satisfying our capital needs and should allow us to commission both
our integrated projects in 12 to 18 months as expected." Earlier this
year the company exercised an option agreement for its Ohio project
and has since begun evaluating a strategic acquisition within the
tyre recycling industry. "Our countdown to project construction and
implementation in Q2 2013 has begun and we expect to commence receipt
of revenue promptly thereafter," said Jamie Mann, CEO of Harmonic
The ASUV contemplated transactions remain subject to a number of
conditions, including the completion of due diligence by ASUV,
approval by Harmonic's board of directors, the negotiation and
entering into of definitive documentation, the receipt of any
required regulatory approvals and such other conditions as are
customary for a transaction of this nature. There is no assurance
that these transactions, or any of them, will be completed as
contemplated, or at all. However we remain positive that this
represents an opportunity for the company.
ASUV believes that its vertically integrated tyre manufacturing and
recycling systems hold the key to a profitable, sustainable market
for the growth of a greener tyre manufacturing sector. ASUV plans to
compete alongside major international corporations striving for more
sustainable manufacturing solutions and commodities, such as Titan
International Inc., The Yokohama Rubber Co., Ltd., and Bridgestone
About Harmonic Energy Inc.
Harmonic is a company that focuses on a comprehensive solution to the
disposition of scrap tyres worldwide. Harmonic's 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. For more
information please visit ASUV's website ~ www.harmonicenergyinc.com.
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995: This news release contains forward-looking information
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, including statements that include the words "believes,"
"expects," "anticipate" or similar expressions. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause the actual results, performance or
achievements of the company to differ materially from those expressed
or implied by such forward-looking statements. In addition,
description of anyone's past success, either financial or strategic,
is no guarantee of future success. This news release speaks as of the
date first set forth above and the company assumes no responsibility
to update the information included herein for events occurring after
the date hereof.
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