Harbor Global Company Ltd. Announces the $7.55 Million Sale of Its Russian Timber Business.Business Editors BOSTON--(BUSINESS WIRE)--April 23, 2002 Harbor Global Company Ltd. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:HRBG) announced today that its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Pioneer Forest, Inc., has entered into a definitive agreement for the sale of its Russian timber business located in the Khabarovsk Territory Khabarovsk Territory, administrative division (1989 est. pop. 1,800,000), 305,000 sq mi (789,950 sq km), Russian Far East. Situated in the eastern and northeastern extremity of Siberia, the territory is bounded by the Sea of Okhotsk in the east, the Maritime of the Russian Far East Russian Far East, formerly Soviet Far East, federal district (1989 est. pop. 7,941,000), c.2,400,000 sq mi (6,216,000 sq km), encompassing the entire northeast coast of Asia and including the Sakha Republic, Maritime Territory (Primorsky Kray), and conducted through Closed Joint-Stock Company joint-stock company A rare type of business organization characterized by some features of a partnership and some features of a corporation. Shares are transferrable and the company is assessed taxes according to corporate tax rates. "Forest-Starma." Under the terms of the agreement, Pioneer Forest has agreed to sell its entire interest in Pioglobal Forest, L.L.C., the sole shareholder of Forest-Starma, to a British Virgin Islands British Virgin Islands A British colony in the eastern Caribbean east of Puerto Rico and the U.S. Virgin Islands. Road Town, on Tortola Island, is the capital. Population: 21,700. Noun 1. company for an aggregate purchase price of $7.55 million, $5.55 million of which is payable in cash at the closing and $2 million of which is payable by a 12-month promissory note promissory note, unconditional written promise to pay a certain sum of money at a definite time to bearer or to a specified person on his order. Promissory notes are generally used as evidence of debt. . Harbor Global expects the transaction to close during the second quarter of 2002. The transaction is subject to various closing conditions. Stephen G. Kasnet, President and Chief Executive Officer of Harbor Global, stated, "This is a continuation of our asset realization mandate." This press release, as well as oral and written statements of Harbor Global's management, contain forward-looking statements within the meaning of the federal securities laws. All forward-looking statements are based on currently available information and management expectations and are subject to substantial risks and uncertainties that could cause actual results to differ materially from the results stated or implied in the forward-looking statements. Important factors that could cause actual results to differ materially from those indicated by such forward-looking statements include, but are not limited to, the timely closing of the transactions discussed in this press release in accordance with the terms of the definitive agreement and political and regulatory stability in Russia. Additional information concerning potential factors that could affect Harbor Global's future financial results is detailed in Harbor Global's periodic reports filed from time to time with the U.S. Securities and Exchange Commission. Harbor Global disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future results or otherwise. |
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