Harbor Acquisition Corporation Announces Filing and Mailing of Proxy Statement Supplement
January 11 2008 - 2:00PM
Business Wire
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.
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