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HARRIER, INC. SUSPENDS PRIVATE PLACEMENT OFFERING

 LOS ANGELES, July 9 /PRNewswire/ -- Harrier, Inc. (NASDAQ: HARE) today announced the suspension of the balance of its unit offering to private investors for an indefinite period due to market conditions and recent corporate developments.
 Launched on May 22, 1993, the 500,000 unit offering was priced at $1.25 per unit, with each unit consisting of one share of unregistered Harrier common stock and two series of warrants exercisable into common stock at $2.50 and $3.50 per share over the next three and four years, respectively. As of the close of business on July 8, 1993, approximately one-third of the units were sold or subscribed for with the proceeds used for working capital purposes. Harrier stock closed at 1-1/8 on NASDAQ yesterday.
 Kevin DeVito, Harrier president, said that the suspension of the offering would not affect the company's ability to continue operations, and that negotiations were underway which, if successfully concluded, would provide the company with an alternative source of funds for additional working capital and product development.
 -0- 7/9/93
 /CONTACT: Kevin DeVito, president and CEO of Harrier, 310-376-7721/
 (HARE)


CO: Harrier, Inc. ST: California IN: SU: OFR

SH-OS -- NY056 -- 9982 07/09/93 14:24 EDT
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Publication:PR Newswire
Date:Jul 9, 1993
Words:203
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