Harbor Acquisition Corp. (AMEX:HAC.U)
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Harbor Acquisition Corporation (AMEX: HAC, HAC.U; HAC.WS) announced
today that Harbor has filed with the Securities and Exchange Commission
and is mailing to its stockholders a supplement dated January 11, 2008
(the “Supplement”)
to Harbor’s definitive proxy statement dated
November 30, 2007 (the “Proxy Statement”).
The Proxy Statement, as supplemented by the Supplement, relates to Harbor’s
solicitation of proxies from its stockholders for the adjourned session
of Harbor’s special meeting of stockholders
which will be held on January 23, 2008, in connection with Harbor’s
proposed acquisition of Elmet Technologies, Inc. (“Elmet”).
The Supplement describes certain developments which have occurred since
Harbor mailed the Proxy Statement to its stockholders on or about
November 30, 2007. Such developments relate primarily to (i) amendments,
which Elmet and Philips Electronics North America Corporation (“Philips”)
have recently entered into, of the supply agreements between Elmet and
Philips, (ii) Harbor’s management intent to
acquire up to 2.35 million outstanding shares of Harbor common stock
prior to the commencement of the adjourned stockholders’
meeting, (iii) a letter which Harbor received on January 10, 2008 from
Elmet stating (subject to the terms and conditions in that letter) that
Elmet intends to purchase up to 2.0 million outstanding shares of Harbor
common stock and then, in the event the proposed acquisition is approved
by Harbor’s stockholders, to distribute such
Harbor shares to the Elmet stockholders prior to the consummation of
Harbor’s acquisition of Elmet, and (iv) Harbor’s
engagement on January 9, 2008 of Canaccord Adams, Inc., an investment
banking firm, as its financial advisor, subject to the consummation of
Harbor’s acquisition of Elmet, to advise
Harbor with respect to one or more potential transactions in the future
intended to reduce the number of Harbor’s
outstanding common stock purchase warrants.
About Elmet Technologies, Inc.
Originally founded in 1929, Elmet became an independent company in early
2004 when its current CEO Jack Jensen led the management buyout of Elmet
from its former parent, Philips Electronics North America Corporation.
Under Jensen and his management team, Elmet has enjoyed growth by
providing innovative refractory metal solutions to OEMs serving such
industries as data storage, semiconductor, medical, electronics and
lighting. Elmet now employs approximately 240 personnel, including
highly-skilled sales, design, engineering, and production professionals
at its Lewiston, Maine headquarters. Elmet’s
products are typically custom-engineered components used in products
such as medical imaging devices, silicon wafer chip manufacturing
equipment, and specialty commercial and residential lighting
applications.
About Harbor Acquisition Corporation
Based in Boston, Harbor is a publicly traded, special purpose
acquisition corporation (“SPAC”)
formed to acquire a company in the industrial or consumer products
sectors. The contemplated transaction is subject to shareholder
approval, and certain other closing conditions. Upon completion of the
transaction, Harbor intends to change its corporate name to Elmet
Technologies Corporation.
Not a Proxy Statement
This press release is not a proxy statement or a solicitation of proxies
from the holders of common stock of Harbor and does not constitute an
offer of any securities of Harbor for sale. Any solicitation of proxies
will be made only by the definitive Proxy Statement dated November 30,
2007 and the Supplement thereto dated January 11, 2008, and mailed by
Harbor to all of its stockholders of record on the record date for its
stockholders’ meeting and filed with the
Securities and Exchange Commission. INVESTORS AND SECURITY HOLDERS ARE
ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND SUCH SUPPLEMENT
BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and security
holders may obtain a free copy of the definitive proxy statement, the
supplement, and other documents filed by Harbor at the Securities and
Exchange Commission’s web site at http://www.sec.gov.
Forward Looking Statements
This press release and the documents referred to herein include
forward-looking statements within the meaning of Section 27A of the
Securities Act of 1933, as amended (the “Securities
Act”), and Section 21E of the Securities
Exchange Act of 1934, as amended (the “Exchange
Act”). These forward-looking statements are
based on current expectations and projections about future events and no
party assumes an obligation to update any such forward-looking
statements. These forward-looking statements are subject to known and
unknown risks, uncertainties and assumptions about Harbor and Elmet that
may cause actual results to be materially different from any future
results expressed or implied by such forward-looking statements. In some
cases, you can identify forward-looking statements by terminology such
as “may,” “should,”
“could,” “would,”
“expect,” “plan,”
“anticipate,” “believe,”
“estimate,” “continue,”
or the negative of such terms or other similar expressions. Factors that
might cause our future results to differ from those statements include,
but are not limited to, risks that the conditions to Elmet’s
purchase of, and its borrowing with respect to, Harbor shares may not be
satisfied; delays may require Harbor to obtain an extension from Elmet
and its stockholders to the date by which the acquisition of Elmet must
be consummated, which Elmet and its stockholders may be unwilling to
provide; delays may require Harbor to obtain an extension of the
commitment from its bank lenders, which such lenders may be unwilling to
provide, the failure of Harbor’s stockholders
to approve the acquisition and the transactions contemplated thereby;
the number and percentage of Harbor’s
stockholders voting against the acquisition and electing to exercise
their conversion rights; changing interpretations of generally accepted
accounting principles; costs associated with continued compliance with
government regulations; legislation or regulatory environments,
requirements or changes adversely affecting the businesses in which
Elmet is engaged; the continued ability of Elmet to successfully execute
its business plan; as well as other relevant risks detailed in Harbor’s
filings with the Securities and Exchange Commission.