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HARVARD INTERNATIONAL TECHNOLOGIES REACHES AGREEMENT IN PRINCIPLE TO RESOLVE FIVE PUTATIVE CLASS ACTION LAWSUITS

 VANCOUVER, B.C., Nov. 8 /PRNewswire/ -- Harvard International Technologies Ltd. (AMEX: FRY) announced today that it had reached an agreement in principle with plaintiffs' counsel to resolve five putative class action securities lawsuits. The company stated that the lawsuits were being settled solely to eliminate the burden, expense and distraction of litigation and to put to rest all claims in the actions and that there was no admission of fault or liability whatsoever. The suits were brought in the United States District Courts for the Eastern Districts of New York and Pennsylvania against the company and certain of its officers and directors in August and September 1993 alleging securities law violations.
 The proposed settlement provides that a maximum of $1,075,000 and a minimum of $725,000, payable in common shares of the company, will be made available to fund both the claims of class members who file valid claims and the fees of class counsel (up to a maximum of $275,000). In addition, the settlement provides for the payment of up to a maximum of $50,000 in cash to fund the costs of administering the settlement and litigation expenses of class counsel.
 Pursuant to the proposed settlement, the number of shares to be distributed once the settlement is effective will be based on an agreed share price of $13.50, subject to adjustment in certain circumstances. While the number of shares to be distributed will depend upon a number of factors, including how many class members file valid claims, based upon the agreed $13.50 price, the number of shares to be distributed to class members and counsel is anticipated to be in the range of approximately 54,000 to 80,000 shares. The company currently has approximately 4 million common shares outstanding and approximately 339,000 additional common shares subject to warrants and options.
 No shares would be issued pursuant to the settlement until after final court approval, which it is anticipated would not likely occur until the first quarter of 1994. No shares would be issued to class members until their claims have been processed, which it is anticipated would not likely occur until the second quarter of 1994. The proposed settlement is subject to certain conditions, including the execution of a definitive stipulation of settlement, court approval, and rights of termination in certain circumstances and no assurance can be given that the proposed settlement will ultimately be consummated.
 The company also announced that it has reached an agreement in principle with the company's directors and officers liability insurance carrier in the amount of US$275,000, which amount would apply toward the costs of the settlement, including the company's litigation expenses and the $50,000 cash portion of the settlement.
 Harvard International Technologies Ltd. is a development stage company engaged in the manufacturing and marketing of the Spud Stop(TM) 50-second french fry vending system.
 -0- 11/8/93
 /CONTACT: Robert W. Dunn, CFO of Harvard International Technologies, 604-688-4883/
 (FRY) CO: Harvard International Technologies Ltd. ST: British Columbia IN: SU:


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Publication:PR Newswire
Date:Nov 8, 1993
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