Printer Friendly

HARRIER SELLS REMAINING DIESEL CLEANER RIGHTS IN JAPAN TO SECOM SUBSIDIARY FOR $530,000 PLUS ROYALTY

 HARRIER SELLS REMAINING DIESEL CLEANER RIGHTS IN JAPAN
 TO SECOM SUBSIDIARY FOR $530,000 PLUS ROYALTY
 LOS ANGELES, Aug. 21 /PRNewswire/ -- Harrier, Inc. (NASDAQ: HARE; Boston) said today that it sold a 50 percent interest in a license to manufacture and market the Harrier Diesel Cleaner (HDC) in Japan to the TechnoBio subsidiary of SECOM Co., Ltd. of Tokyo, making that company the exclusive licensee for the product in that country. The sale price was approximately $530,000 plus a 2.5 percent royalty on the ex factory price of any units manufactured by TechnoBio in Japan and half of the future royalties received by the company under any sublicense agreement it negotiates in Japan.
 SECOM is a major Harrier shareholder, owning a total of 1,028,000 convertible preferred shares and warrants to buy an additional 343,000 shares of common. At June 30, 1992 Harrier had a total of approximately 8 million common and convertible preferred shares issued and outstanding.
 On July 15, 1992 Harrier announced that it had sold a German investor the shares of its HDC A.G. subsidiary and the rights to manufacture and distribute the unit in Europe and Asia. The company retained ownership of all HDC patents and trademarks as well as the manufacturing and marketing rights to the product in the Western Hemisphere. Also excluded from that agreement were Scandinavia and Japan where distribution rights, such as that owned by TechnoBio, had already been assigned.
 Separately, Harrier has accepted the invitation of a leading independent environmental testing and research institute to participate in a major four-year cooperative research consortium formed to develop key technologies for a clean heavy duty diesel engine. The research program, now in its second year, is being conducted by the institute in the U.S. with the support of 14 international diesel engine manufactures and five component suppliers. Testing of the Harrier Diesel Cleaner on a Cummins GBT engine is scheduled shortly to demonstrate the benefits and measure the effects of fuel/water emulsions in reducing oxides of nitrogen (NOX).
 In a further development, Kevin DeVito, Harrier's vice president of U.S. operations, noted that, at SECOM's suggestion, the Japanese Ministry of Transportation had undertaken an extensive test of the efficacy of the Harrier Diesel Cleaner in reducing diesel exhaust pollutants. Its findings were presented at the recent 10th Annual Joint Internal Combustion Symposium of the Japan Societies of Mechanical Engineering and Automotive Engineering. The study confirmed that the Harrier fuel/water emulsification system was "very effective" in reducing smoke and, in combination with retarded fuel injection timing, could "drastically reduce" the concentration of NOX emitted from heavy duty diesel engines without loss of power.
 -0- 8/21/92
 /CONTACT: Kevin DeVito, vice president-U.S. operations of Harrier, 310-376-7721/
 (HARE) CO: Harrier, Inc. ST: California IN: SU: TNM


TS-OS -- NY039 -- 2154 08/21/92 12:58 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 21, 1992
Words:479
Previous Article:NEW LOTTERY CONTRACT CREATES 400 JOBS
Next Article:TSS ESTIMATES FISCAL 1992 RESULTS
Topics:


Related Articles
HARRIER SPONSORS PHARMACEUTICAL RESEARCH PROJECT AT U. OF MICHIGAN; ENTERS SEPARATE AGREEMENT TO FUND BIOCHEMICAL DEVELOPMENT ACTIVITY
SECOM TIES WITH HARRIER FOR JOINT R AND D OF NEW ANTI-CANCER DRUG
SECOM TIES WITH HARRIER FOR JOINT R AND D OF NEW ANTI-CANCER DRUG
HARRIER TO SELL DIESEL CLEANER
HARRIER WITHDRAWS FROM CURRENT NEGOTIATIONS REGARDING SALE OF ITS DIESEL CLEANER, TERMINATES PRIVATE PLACEMENT
HARRIER SELLS STOCK OF ANTI-POLLUTION SUBSIDIARY
HARRIER REVISES BIOCHEMICAL R&D AGREEMENT WITH JAPANESE FIRM
HARRIER REPORTS FISCAL SECOND QUARTER, SIX MONTHS RESULTS
HARRIER SIGNS AGREEMENT WITH OWNER OF ITS FORMER EUROPEAN DIESEL CLEANER UNIT
HARRIER SELLS EXCLUSIVE LICENSE TO EMULTECH, INC.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters