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HARVARD CAPITAL CORP. ANNOUNCES AGREEMENT

 HARVARD CAPITAL CORP. ANNOUNCES AGREEMENT
 VANCOUVER, British Columbia, Oct. 23 /PRNewswire/ -- Harvard


Capital Corp. (Vancouver: HCC) announces that it has reached agreement, subject to regulatory acceptance, with Sedona Industries Ltd., of Vancouver, with respect to certain material amendments to its Distributor Agreement with Sedona.
 As a result of these amendments, Harvard will now have the right to manufacture the proprietary potato flour mix used in its french fry vending machine. Harvard has previously secured the right to manufacture the machine itself.
 Additional changes include:
 -- a reduction in the royalties to be paid initially to Sedona for mix and machines purchased by Harvard;
 -- the expansion of Harvard's exclusive manufacturing and distribution territory to include all of the world, with the exception of distribution rights previously granted for Mexico and Central America south of Mexico to, and including, Panama;
 -- the establishment of a protocol for the resolution and termination of rights previously granted by Sedona for certain other jurisdictions;
 -- the extension to June 3, 1995, of the date by which Harvard must issue additional shares to make up the amount, if any, by which the trading price of 225,000 shares previously issued to Sedona is less than CDN $5; and
 -- joint ownership by Harvard and Sedona of all future improvements to the vending machines.
 Harvard's manufacturing territory now includes Korea, as a result of the cancellation by Sedona of rights previously granted to Heung Yang Inc. and Nado Electronics Inc., of Korea. Sedona has assured Harvard of its complete cooperation in the establishment of new manufacturing arrangements.
 Harvard is satisfied that these arrangements can be made on a timely basis so as not to interrupt the roll-out of vending machines, in accordance with Harvard's business plan.
 In consideration of these amendments, Harvard will pay Sedona US $100,000 and issue 50,000 shares. Harvard will issue additional shares in one year to make up the amount, if any, by which the trading price of these shares is less than CDN $1.00 at that time.
 -0- 10/23/92
 /CONTACT: Robert Dunn, senior VP and CFO of Harvard Capital, 604-688-4883/
 (HCC.) CO: Harvard Capital Corp. ST: British Columbia IN: SU:


LS-JB -- LA031 -- 4384 10/23/92 17:47 EDT
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Publication:PR Newswire
Date:Oct 23, 1992
Words:368
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