Natural Harmony Foods Nears Completion of Corporate Due Dilligence and Clean-Up
16 February 2008 - 9:19AM
PR Newswire (US)
FT. LAUDERDALE, Fla., Feb. 15 /PRNewswire-FirstCall/ -- Natural
Harmony Foods, Inc. (Pink Sheets: NHYF), announced today that the
Company has nearly completed a three (3) month due diligence and
corporate clean-up process initiated to prepare the Company for new
financing opportunities and to become a fully-reported public
company. In December 2007, the Company engaged the services of
Birch Valley Capital Advisors, LLC, (BVC) located in Palm Beach,
Florida and Novi, Michigan to assist the Company with investment
strategies and other corporate objectives. "For the past several
months, Birch Valley Capital has performed detailed due diligence
on the Company's books and records and overall corporate
operations," stated Mr. Sam Dewar, President of Natural Harmony
Foods, Inc. "They've done a great job going through years of
records and various transactions to make sure everything was
up-to-date and in order. In addition, they provided our Board of
Directors with suggestions for 'fine-tuning' our business plan,
financial projections and corporate operations and are now
assisting in the implementation of such," added Mr. Dewar. After
the completion of the due diligence and corporate "clean-up"
process, the Company will begin to prepare the documentation
necessary for new Company financings. The Company has reviewed
several different financing alternatives and has decided that using
a convertible debenture with certain rights and restrictions is the
best solution to meet the Company's capital requirements while
being sensitive to equity dilution concerns. Mr. Dewar stated,
"Taking into consideration the Company's current financial
position, including stock price and market cap, we have few
financing options available to us. Furthermore, an equity raise
would be costly for many different reasons. That being the case, we
feel a convertible debenture is our best alternative to raise the
amount of capital needed to properly execute on our business plan
and increase overall Company value." "We have great opportunities
to increase revenues substantially and be profitably within in the
next two to three years, but it requires sufficient capital. During
such time, I feel confident that we can achieve positive fundaments
to a level that will demand a respectable share price, whereby
making the equity conversion of any issued debenture advantageous
to the Company. We just need new investors ready to back our game
plan and be there with us long-term," added Mr. Dewar. About
Natural Harmony Foods Natural Harmony Foods, Inc. is an innovative
food company dedicated to producing healthy, flavorful, convenient
foods that fit the lifestyles of individuals looking to make
better, health conscious diet choices without sacrificing taste.
For more information about Natural Harmony Foods, SoLean(R)
products, and helpful Internet links, please visit
http://www.naturalharmonyfoods.com/. NHYF Shareholders are
encouraged to register on the "Investor Relations" page to receive
ongoing Natural Harmony Foods news updates, and/or search "NHYF" on
http://www.pinksheets.com/ for current financial information on the
company. "Forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995 may be included in this
release. These statements relate to future events or our future
financial performance. These statements are only predictions and
may differ materially from actual future results or events. Natural
Harmony Foods disclaims any intention or obligation to revise any
forward-looking statements whether as a result of new information,
future developments or otherwise. Important risk factors --
including, but not limited to, risks associated with changes in
general economic and business conditions, actions of our
competitors, the extent to which we are able to develop new
products and markets for these, and changes in our business
strategies -- could cause actual results to differ from those
contained in forward-looking statements. Press & Investors
Contact: Natural Harmony Foods, Inc. Sam Dewar 954-315-1760
DATASOURCE: Natural Harmony Foods, Inc. CONTACT: Sam Dewar of
Natural Harmony Foods, Inc., +1-954-315-1760 Web site:
http://www.naturalharmonyfoods.com/ http://www.pinksheets.com/
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