Printer Friendly

HARVARD SPUD STOP ANNOUNCES MAJOR SAUDI ARABIAN AGREEMENT

 VANCOUVER, British Columbia, May 4 /PRNewswire/ -- Harvard International Technologies Ltd. (Vancouver: HIT) announces that its wholly owned subsidiary, Harvard Capital International Corp., Barbados, has reached agreement with AAA Enterprises Ltd., a company representing significant financial interests in the Middle East, for the granting of an exclusive license to distribute Harvard's Spud Stop french fry vending system in the Kingdom of Saudi Arabia.
 Edgar F. Kaiser Jr., president and chief executive officer, stated: "This agreement represents a significant first step in the worldwide commercial introduction of the Spud Stop system." Kaiser further said that under the terms of the agreement AAA will be obliged to purchase a minimum of $25 million(US) of Harvard's products in the first year of the 10-year contract. The minimum value of AAA's obligations over the 10-year period is about $90 million (US).
 Upon execution of a formal license agreement, which is expected to occur by May 31, 1993, AAA will pay Harvard a license fee of $500,000 (US). The agreement is subject to Harvard obtaining regulatory approval from the government of Saudi Arabia for operation of the Spud Stop vending system in the kingdom. Both parties have agreed to collaborate in the approval process and expect no difficulty in receiving governmental approval. AAA has made an on- account payment of $50,000 (US), which is non-refundable should a formal license not be executed.
 Kaiser also said that under the terms of the agreement AAA has been granted the right of first refusal for exclusive distribution rights in the countries of Bahrain, Dubai, Jordan, Kuwait, Sherjah and Qatar, subject to reaching agreement on additional license fees and minimum quantities of Harvard's products.
 Harvard is also finalizing the terms of a formal agreement with Linford International, S.A., for exclusive distribution rights in Spain and Portugal.
 Kaiser further announced the following additions to the board of the parent company: Paul MacNeill, partner of Campney and Murphy, Canadian counsel to the company and Barrie Roberts have accepted appointment to the board of directors. Roberts was formerly manager, Technology Planning and Integration, with General Electric, Aircraft Engine Business Group, at Cincinnati. He will have overall responsibility for all North American operations covering Sales, Distribution and Product Development, reporting directly to Kaiser.
 -0- 5/4/93
 /CONTACT: George MacFarlane of The MacFarlane Co., 604-685-4899, for Harvard/
 (HIT.)


CO: Harvard International Technologies Ltd.; Harvard Capital
 International Corp.; AAA Enterprises Ltd. ST: British Columbia IN: SU:


JB -- LA026 -- 4334 05/04/93 12:37 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 4, 1993
Words:414
Previous Article:OCCIDENTAL BEGINS PRODUCTION IN ECUADOR
Next Article:JIM GIBBONS NAMED SENIOR VICE PRESIDENT, CREATIVE ADVERTISING, FOR THE MOTION PICTURE GROUP OF PARAMOUNT PICTURES
Topics:


Related Articles
HARVARD CAPITAL CORPORATION ANNOUNCES UNVEILING OF 'SPUD STOP (TM)'
HARVARD INTERNATIONAL TECHNOLOGIES REVISES OPTION PROGRAM FOR DIRECTORS AND KEY EMPLOYEES
HARVARD INTERNATIONAL TECHNOLOGIES SUBSIDIARY SIGNS 10-YEAR LICENSE CONTRACT FOR KOREA
HARVARD INTERNATIONAL RAISES CDN. $1.6 MILLION IN PRIVATE PLACEMENTS; EQUITY INFUSION TO FUND MARKET DEVELOPMENT PROGRAM
HEAD OF HARVARD'S INTERNATIONAL UNIT RESIGNS TO BECOME C.E.O. OF VISKASE CORPORATION
Airlines reach code-sharing agreement.
Saudi Arabian Airlines, Alafco Aviation Lease and Finance announce agreement.
Alafco signs another agreement with Saudi Arabian Airlines for the lease of 8 Airbus A320-200 aircraft increasing the total number of aircraft to 25.
Alafco signs another agreement with Saudi Arabian Airlines.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters