Harbor Acquisition Corporation and Elmet Technologies, Inc. Announce Completion of Elmet's Employee Contract Renegotiation

  
    
  
  
    
      Elmet Technologies, Inc. (“Elmet”), 
      a privately-held, fully-integrated manufacturer of custom designed and 
      engineered Advanced Enabling Materials products, today announced the 
      successful renegotiation of its collective bargaining agreement with The 
      International Brotherhood of Teamsters. This contract was set to expire 
      on April 15, 2007. The negotiations resulted in a new 6-year contract 
      which expires on April 14, 2013.
    
    
      Jack Jenson, CEO of Elmet Technologies stated, “We 
      are extremely pleased to have successfully renegotiated our collective 
      bargaining agreement which covers all of Elmet’s 
      union employees. The new terms represent a fair and balanced agreement 
      for both the company and our employees. With the renegotiation behind 
      us, our skilled and dedicated workforce is well positioned to continue 
      to focus on the growth of the company.”
    
    
      On October 17, 2006, Elmet Technologies announced that it had signed a 
      definitive agreement to be acquired by publicly traded Harbor 
      Acquisition Corporation (AMEX: HAC, HAC-U, HAC-WT) (“Harbor”). 
      Following consummation of the acquisition, Elmet’s 
      current management team, led by Jack Jensen, CEO, will continue to lead 
      the organization and the combined company will change its name to Elmet 
      Technologies Holdings, Inc.
    
    
      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 company (“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.