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Harmonic Energy Signs Financing Term Sheet for $10M in Funding
By: Marketwired .
Jan. 16, 2013 12:05 AM
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 Energy Inc.
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 Corporation.
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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