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HARVARD CAPITAL CORP. ANNOUNCES SHARE CONSOLIDATION AND JOINT-VENTURE AGREEMENT WITH KOREA

 VANCOUVER, British Columbia, Jan. 29 /PRNewswire/ -- Harvard Capital Corp. (Vancouver: HCC) announced today the consolidation of its common shares, a new private placement of equity capital, a joint venture agreement with Korea, and its first international licensing agreement.
 Additionally, shareholders of Harvard Capital Corp. approved today a number of special resolutions in respect of the following matters:
 (1) the consolidation of the company's common shares on the
 basis of one new share for every five existing shares;
 (2) the creation of Class A Preference Shares;
 (3) the change of the company's name to "Harvard International
 Technologies Ltd."
 (4) the adoption of a new form of Articles.
 These resolutions will be effective upon acceptance for filing by the Vancouver Stock Exchange and filing with other relevant regulatory authorities.
 Private Placement
 The company also announced that it has secured subscription commitments from a group of sophisticated U.S. and Canadian investors for a minimum of 3,500,000 and a maximum of 5,000,000 units, on a pre-consolidated basis, at a price of US$1.00 each. Each unit consists of one common share and a warrant to purchase one-half common share, exercisable for two years, at a price of US$2.00. Taken together with funds presently on hand, the minimum proceeds of this financing will provide the company with cash in excess of CAN$5,500,000 and no debt. The subscription will close in mid- February.
 Joint Venture with Korea
 Harvard, through a wholly owned subsidiary, has reached agreement with Posco Electric Control Co. Ltd. ("POSCON"), of Pohang, Korea, and In-Taek Kim and Young-Gak Yun, of Korea, to establish a joint venture for the manufacture of Harvard's proprietary french fry vending machine. The joint venture company, Hanaro Industries Ltd., will be approximately 80 percent owned by POSCON and Kim and Yun and 20 percent owned by Harvard. POSCON is the wholly owned engineering subsidiary of Pohang Iron & Steel of Pohang, Korea, the third-largest steel company in the world with assets in excess of US$14 billion. Vending machines will be manufactured at a new dedicated production facility in Pohang. Production is scheduled to commence in late spring of this year. Harvard is represented in Pohang by its vice president, engineering, Lonnie Wright.
 First International Licensing Agreement
 The company has received a commitment from a Spanish corporation, Linford International S.A., for the sub-licensing of the marketing and distribution rights of the company's proprietary french fry vending system for Spain and Portugal. Harvard will be paid a license fee of US$500,000 over the next three years. The commitment calls for Harvard to deliver a minimum of approximately 5,000 machines, with an initial delivery this year of 145 machines.
 Harvard has received an expression of interest from corporations in 10 additional foreign countries covering Europe, South America and Asia, and expects to conclude further sub-license agreements during the next few months with these and other parties.
 Appointment of New Directors
 Jayne Robinson was appointed a director of the company. Robinson is the founding partner of Robinson Parnass Murphy & McDonald, a New York Law firm specializing in commercial securities litigation and corporate transactions.
 -0- 1/29/93
 /CONTACT: Robert W. Dunn, senior VP and CFO, 604-688-4883/
 (HCC.)


CO: Harvard Capital Corp. ST: British Columbia IN: FIN SU: OFR JVN PER

JL -- LA041 -- 0995 01/29/93 18:02 EST
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Publication:PR Newswire
Date:Jan 29, 1993
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