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
