New Harvest Capital Corp. Signs Term Sheet

New Harvest Capital Corp. Signs Term Sheet 


BARTLESVILLE, Okla., Feb. 14  /PRNewswire-FirstCall/ -- New Harvest Capital
Corp. (OTC:HVST) (BULLETIN BOARD: HVST)  ("New Harvest" or the "Company") and
certain of its security holders have executed a non-binding Term Sheet with a
privately-held company which is a development stage biopharmaceutical company
that is focused on the development and commercialization of diagnostics and
therapeutics for large populations in inflammatory diseases.

The transaction contemplated by the Term Sheet would include the merger of the
target company into a wholly-owned subsidiary of New Harvest and a change of
control of New Harvest.  Completion of the proposed transaction is subject to
various terms and conditions, including but not limited to the negotiation and
execution of definitive agreements between the parties, the arrangement of
financing, necessary approvals by the boards of directors and stockholders and
the satisfactory completion of due diligence.  The current shareholders of New
Harvest would suffer substantial dilution as a result of the proposed
transaction.  It is currently expected that the current shareholders of New
Harvest will retain approximately three to five percent of the equity in the
post-merger entity.  New Harvest has granted the target an exclusive period,
through March 31, 2005, in which to negotiate and execute a definitive merger
agreement.  There is no assurance that New Harvest will be successful in
negotiating and entering into a definitive merger agreement or that the
transaction contemplated by the merger agreement will be completed.

The Company, from time to time, may discuss forward-looking information. Except
for the historical information contained in this release, all forward- looking
statements are predictions by the Company's management and are subject to
various risks and uncertainties that may cause results to differ from
management's current expectations.  Such factors include the ability of the
Company to negotiate and complete any transaction with any third party,
including but not limited to the proposed transaction detailed herein and other
risks as detailed from time-to-time in the Company's reports and filings with
the Securities and Exchange Commission.  All forward-looking statements, if
any, in this release represent the Company's judgment as of the date of this
release.  The Company disclaims, however, any intent or obligation to update
forward-looking statements. 

DATASOURCE: New Harvest Capital Corp.



CONTACT:  John Heskett, [phone], for New Harvest Capital Corp.

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