Apr 1 2013
Harmonic Energy Inc. 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.