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Harvard Scientific Acquires Miami Based Entertainment Cos.; Company Reports Significant Increase in Its Tangible Assets and Appoints New Top Level Management Team.

Business Editors/Entertainment Writers

RENO, Nev.--(BUSINESS WIRE)--March 19, 2001

Harvard Scientific Corp., (OTCBB:VGEN) a Nevada Corporation, announced today that it has acquired four entertainment companies located in Miami Beach, Florida, in exchange for approximately fifty-one percent and controlling interest (approx. 14-million shares) of its total issued and outstanding common stock. Three of the four companies, Four Starz Holdings, Inc. (www.fourstarz.com), Gladiator Films, Inc., and Four Starz Productions, Inc., have combined tangible assets in excess of $10.6 million which includes film inventory, story rights, film distribution and pre-sale executed contracts. The fourth company, La Playa Studios, Inc., is currently designing a $150-million state-of-the-art film, television and music-recording studio to be built in the heart of South Beach, (Miami Beach, Florida), in conjunction with Dade County. The Company has secured complete funding for the studio project and expects to make other details available to the public, shortly. The total assets of all four companies are being transferred to Harvard Scientific at this time; a process expected to be completed over the next several days.

In a move designed to better reflect the Company's new business plan and to facilitate the appointment of a new management team, Mr. Stuart Brame has voluntarily tendered his resignation as the Company's President, CEO and Director, effective immediately. The Company's Board of Directors has appointed Abraham M. Daniels as the Company's new Chief Executive Officer and Daniel De Liege as the new President and Chief Operating Officer. Mr. Daniels and Mr. De Liege will also serve as Directors. The Company will name other Directors over the next short period of time during this transition phase.

"We are very excited about this new entertainment conglomerate," stated Mr. De Liege. "Our short and long term goals revolve around producing feature films with Hollywood's `A' list and owning/operating the premiere production facility (La Playa Studios) in the South."

Mr. Daniels added, "We're not going to stop there. We have identified several other types of entertainment companies for acquisition, including a foreign and domestic distribution company. This will give us the same "beginning to end" abilities as say a Paramount Pictures or Universal Pictures."

Abraham Daniels is also the President of Four Starz Holdings, Inc. and CEO of Four Starz Productions, Inc. Currently, Four Starz Productions is in various stages of production on several projects. Its most current project, "DONZI, The Legend", is in pre-production and is a twenty five million dollar motion picture about the life and times of legendary boat designer and offshore champion Don "Donzi" Aronow. The film is being produced by Steve Perry (Lethal Weapon 1-4, and Die Hard 1&2). Four Starz Productions was principally responsible for raising the funds for two films, `Carlo's Wake' starring Martin Landau and Rita Marino and `The Amati Girls' starring Mark Harmon, Cloris Leachman, Paul Sorvino, Mercedes Ruehl, Lee Grant and Sean Young, which was released domestically in January of 2001.

Over the past 20 years, Mr. Daniels has successfully raised several million dollars for various companies, projects and entities. Specializing in mezzanine financing in the late eighties and early nineties, Mr. Daniels has brought more than one hundred million dollars in capital to various private and public companies. Mr. Daniels holds a bachelors degree in Business Administration and has owned and operated several private companies including Lewis Marlowe Commodities, a commodities trading company located in New York.

Daniel De Liege, is the President of Four Starz Productions, Inc. Before coming to Four Starz, Mr. De Liege was a producer for Prelude Pictures, which produced the blockbuster `Lost in Space', an eighty million dollar film for New Line Cinema, and `Black Dog', a fifty million dollar film for Universal Pictures.

Mr. De Liege also served as President of 24/Seven Entertainment, a Florida Corporation that produced the Marshall Tucker Band concert tour, Ray Charles, Roberta Flack, Donna Summers, the APBA Offshore Grand Prix, and the Pratt & Whitney Military Air Show. He also produced the cable television specials "Living with HIV" starring Paula Abdul, and "Living Positive" starring Lou Diamond Phillips, A.J. Benza, Tico Torres and Kenneth Cole. Mr. De Liege created and produced several cable television specials for Tricom Pictures.

Harvard Scientific Corp. is currently in a process of transition from an exclusive biopharmaceutical company to a more diversified corporation with its primary business focus moving into the entertainment industry. The Company holds U.S. patents on its proprietary technologies for development and treatment of sexual disorders in male and female patients and will look to develop these products further over the next 12 months so as to attract a licensing partner for the U.S. as well as other parts of the world. The treatment products utilize lyophilized liposomal delivery of Prostaglandin E-1 ("PGE-1"). The Company's patented process allows the PGE-1 to be administered as a liquid via a painless delivery system.

From time to time the Company may issue forward looking statements which involve risks and uncertainties. This statement may contain forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results could differ and any forward looking statements should be considered accordingly.
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Publication:Business Wire
Geographic Code:1USA
Date:Mar 19, 2001
Words:873
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