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HARVARD INTERNATIONAL TECHNOLOGIES LTD. CONCLUDES A PRIVATE PLACEMENT

 VANCOUVER, British Columbia, Feb. 16 /PRNewswire/ -- Harvard International Technologies Ltd. (Vancouver: HIT) (formerly Harvard Capital Corp.) announces that it has concluded a private placement consisting of 705,400 units at $5.00 (U.S.) per unit, for total proceeds of $3,527,000 (U.S.), all of which have been placed in escrow. Each unit consists of one common share and one non- transferable warrant. Two warrants entitle the holder to purchase one additional common share at $10.00 (U.S.) per share for two years. The placement is subject to acceptance for filing by the Vancouver Stock Exchange.
 Subscribers to this private placement are several Canadian and American institutional investors, including Altamira Management Ltd. and AGF Management Ltd. of Toronto, and Kalb Voorhis & Co., Stern Brothers and Gabelli Funds Inc. of New York City. Additionally, both Edgar F. Kaiser Jr., chairman of Harvard's Executive Committee, and Neil T. Balter, president and chief executive officer of the company, are subscribers.
 Combined with funds on hand, the proceeds from this financing will provide the company with cash in excess of $5.5 million (CDN).
 Effective today, the company has changed its name from Harvard Capital Corp. coincident with a 1-for-5 common share consolidation. The new stock trading symbol is HIT. The company owns an exclusive license to manufacture, market, distribute and operate the proprietary french fry vending system, Spud Stop.
 -0- 2/16/93
 /CONTACT: Robert W. Dunn, senior VP and CFO of Harvard International Technologies, 604-688-4883/
 (HIT.)


CO: Harvard International Technologies Ltd. ST: British Columbia IN: FIN SU: OFR

JL -- LA028 -- 6982 02/16/93 17:11 EST
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Publication:PR Newswire
Date:Feb 16, 1993
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