Harbor Acquisition Corporation Receives Going Concern Qualification

  
    
  
  
    
      Harbor Acquisition Corporation (AMEX: HAC, HAC-U, HAC-WT) (“Harbor”) 
      announced today, as required by American Stock Exchange rules, that the 
      audit opinion accompanying its audited financial statements for the year 
      ended December 31, 2006 contains a going concern qualification. This 
      announcement is made in compliance with Section 610(b) of the American 
      Stock Exchange Company Guide, which requires listed companies to make 
      public announcements disclosing the receipt of an audit opinion that 
      contains a going concern qualification.
    
    
      Harbor is a publicly traded special purposes acquisition corporation (“SPAC”) 
      formed to acquire a company in the industrial or consumer products 
      sector. Harbor’s certificate of incorporation 
      contains a provision – common in SPACs – 
      requiring that it liquidate its assets if it doesn’t 
      complete a business combination by October 31, 2007 (or April 30, 2008 
      if it enters into letter of intent, agreement in principle, or 
      definitive agreement to complete a business combination by October 31, 
      2007).
    
    
      On October 17, 2006, Harbor signed a definitive stock purchase agreement 
      to acquire all of the outstanding shares and warrants of Elmet 
      Technologies, Inc., a manufacturer of metals products, using tungsten 
      and molybdenum. This acquisition is expected to be consummated in the 
      second quarter of 2007, after required approval by Harbor’s 
      shareholders and the fulfillment of other conditions.
    
    
      About Elmet Technologies, Inc.
    
    
      Originally founded in 1929, Elmet became an independent company in late 
      2003 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 230 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, along with certain regulatory approvals including the filing 
      of a proxy statement with the Securities and Exchange Commission. Upon 
      completion of the transaction, Harbor intends to change its corporate 
      name to Elmet Technologies Holdings, Inc.
    
    
      Forward Looking Statements
    
    
      This press release includes 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, 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 redemption 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 involving the proper management of its human resources 
      and assets; demand for the products and services that Elmet provides; 
      continued availability of, and changes in pricing for, raw materials 
      used by Elmet; general economic conditions; geopolitical events and 
      regulatory changes; as well as other relevant risks detailed in Harbor’s 
      filings with the Securities and Exchange Commission.
    
    
      Additional Information
    
    
      This communication is being made in respect of the proposed transaction 
      involving Elmet, its stockholders and Harbor. In connection with the 
      proposed transaction, Harbor will file with the Securities and Exchange 
      Commission a proxy statement on Schedule 14A for the stockholders of 
      Harbor describing the proposed transaction. Harbor will be filing other 
      documents with the SEC as well. BEFORE MAKING ANY VOTING OR INVESTMENT 
      DECISIONS, INVESTORS ARE ADVISED TO READ, WHEN AVAILABLE, HARBOR’S 
      DEFINITIVE PROXY STATEMENT IN CONNECTION WITH THE SOLICITATION OF 
      PROXIES FOR THE SPECIAL MEETING BECAUSE THIS PROXY STATEMENT WILL 
      CONTAIN IMPORTANT INFORMATION.
    
    
      The definitive proxy statement will be mailed to stockholders as of a 
      record date to be established for voting on the proposed transaction. 
      Stockholders will also be able to obtain a copy of the definitive proxy 
      statement and other documents related to the transaction that are filed 
      with the SEC, without charge, once available, at the SEC’s 
      Internet site (http://www.sec.gov) or 
      by directing a request to Harbor Acquisition Corporation at One Boston 
      Place, Suite 3630, Boston , Massachusetts 02108. As a result of the 
      review by the SEC of the proxy statement, Harbor may be required to make 
      changes to its description of the acquired business or other financial 
      or statistical information contained in the proxy statement.
    
    
      Harbor and its directors and officers and other members of management 
      and employees may be deemed to be participants in the solicitation of 
      proxies in respect of the proposed transaction with Elmet and its 
      stockholders. Information regarding Harbor’s 
      directors and executive officers is set forth in Harbor’s 
      final prospectus dated April 27, 2006, and the proxy statement relating 
      to the proposed transaction with Elmet and its stockholders when it 
      becomes available.
    
    
      Harbor’s final prospectus also contains a 
      description of the security holdings of the Harbor officers and 
      directors and of Ferris Baker Watts, the managing underwriter of 
      Harbor’s initial public offering consummated 
      on May 1, 2006, and their respective interests in the successful 
      consummation of this business combination.