SOURCE: Harmonic Energy Inc.
LONDON--(Marketwire - Mar 29, 2013) - Harmonic Energy Inc. (OTCQB: ASUV) is a company focused on tyre manufacturing and recycling using an innovative approach to energy efficiency and sustainability. Recently Harmonic has seen some volatility in the Company's stock price and management would like to take this opportunity to provide its valued shareholders with an update on its funding progress and corporate developments.
On January 16th Harmonic announced the signing of a term sheet to provide the company with up to $10 million in financing for the roll out of its core projects. Jamie Mann, Chief Executive Officer, said, "We have been making good progress negotiating the final agreements and the company's business plans are still on schedule." Mr. Mann further stated, "We are committed to successfully closing our financing and we are confident that continued progress toward its close and the continued development of its projects will accelerate the company towards profitability which will be rewarded by the market with higher stock prices. We thank all of our valued shareholders for voicing their concerns and comments while we continue moving the company forward."
Beyond the existing negotiations for financing the Company is currently evaluating several offers from qualified investment firms with the intent of further strengthening its balance sheet. The Company is seeking to expand beyond its current US & UK projects and is also evaluating prospective opportunities in emerging markets where additional feedstock opportunities exist to leverage our business model. "Our success and extremely low cash burn over the last year has put us in a strong position for growth. We believe it is the right time to be aggressive and continue to pursue our stated goals of seeking projects that offer significant potential returns. There are great opportunities out there, and we are going to continue to pursue and develop them in a cost effective manner," said Jamie Mann.
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 tyre manufacturing solutions and commodities, such as The Goodyear Tire & Rubber Company, Pirelli & C. SpA., and Michelin.
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.
Statements in this release may be regarded, in certain instances, as "forward-looking statements" pursuant to Section 27(a) of the Securities Act 1933 and Section 21(e) of the Securities Exchange Act 1934, as amended and are intended to be covered by the safe harbor created by such sections respectively. "Forward-looking statements" are based on expectations, estimates and projections at the time the statements are made, and involve risks and uncertainties, which could cause actual results or events to differ materially from those currently anticipated, including, but not limited to delays, difficulties, changed strategies, or unanticipated factors or circumstances affecting Harmonic Energy Inc. and its business. There can be no assurance that such forward-looking statements will ever prove to be accurate and readers should not place undue reliance on any such forward-looking statements contained herein. Harmonic Energy Inc. will not republish revised forward-looking statements to reflect events or circumstances after the date hereof to reflect the occurrence of unanticipated events. Such forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from those projected, anticipated, expected, or implied by the Company. These risks and uncertainties include, but are not limited to, commodity prices and production volatility, global economic conditions, currency fluctuations, increased production costs from those assumed in resource recovery plans and results, political, operational and project development risks, including the Company's ability to obtain required permits to commence production and its ability to raise required financing, adverse governmental regulation and judicial outcomes. The closing of planned financial transactions and obtaining bank financing are subject to a number of conditions precedents that may not be fulfilled. The bank financing and subordinated loans are subject to final negotiation and satisfaction of conditions precedent. For a detailed discussion of risks and other factors that may impact these forward-looking statements, please refer to the Risk Factors and other discussion contained in the Company's quarterly and annual periodic reports on Forms 10-Q and 10-K, on file with the SEC. The Company undertakes no obligation to update forward-looking statements.