Exhibit 99.1
For Immediate Release
HARBOR ACQUISITION CORPORATION ANNOUNCES
RECEIPT OF TERMINATION NOTICE RESPECTING ITS AGREEMENT WITH
ELMET TECHNOLOGIES, INC.
BOSTON, MA February 1, 2008 — Harbor Acquisition Corporation (Amex: HAC; HAC.U; HAC.WS; “Harbor”) announced today that it has received a notice from Elmet Technologies, Inc. (“Elmet”) and the Elmet Stockholders Representative informing Harbor that, effective as of 4:00 pm on February 1, 2008, Elmet and the Elmet Stockholders Representative have elected to exercise their right to terminate the Stock Purchase Agreement dated October 17, 2006, as amended (the “Stock Purchase Agreement”), relating to the proposed acquisition of Elmet by Harbor, due to the failure of Harbor to obtain stockholder approval of the acquisition within the required timeframe.
As described in Harbor’s press release on January 30, 2008, an adjourned session of the special meeting of Harbor’s stockholders is scheduled to be held at 10 a.m. (Eastern Standard Time) on Friday, February 8, 2008. In light of the termination notice which Harbor received today from Elmet and the Elmet Stockholders Representative, Harbor now anticipates that the special meeting will be completed on February 8, 2008 without a formal vote on the Stock Purchase Agreement being taken. Based upon the proxies received from Harbor stockholders through the date of this press release, it appears the Stock Purchase Agreement would not have been approved if such a formal vote were taken and that holders of more than 20.0% of the 13.8 million shares of Harbor common stock issued in Harbor’s public offering would have voted against the acquisition and exercised their rights to convert their shares into a pro rata portion of Harbor’s trust established at the time of the public offering.
Since Harbor now anticipates that it will not be able to complete its proposed acquisition of Elmet by April 30, 2008, the Harbor Board of Directors will consider alternatives that may be in the best interests of the Harbor stockholders, including the adoption of a plan of dissolution and liquidation in accordance with applicable provisions of Delaware law.
Not a Proxy Statement
This press release is not a proxy statement or a solicitation of proxies from the holders of common stock of Harbor and does not constitute an offer of any securities of Harbor for sale. Any solicitation of proxies will be made only by the definitive proxy statement dated November 30, 2007 and the supplement thereto dated January 11, 2008 that Harbor has mailed to all stockholders, each as filed with the Securities and Exchange Commission. INVESTORS AND SECURITY HOLDERS ARE ADVISED TO READ THE DEFINITIVE PROXY STATEMENT AND SUCH SUPPLEMENT BECAUSE THEY CONTAIN IMPORTANT INFORMATION. Investors and security holders may obtain a free copy of the definitive proxy
statement, the supplement and other documents filed by Harbor at the Securities and Exchange Commission’s web site at http://www.sec.gov.
Forward Looking Statements
This press release includes forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These forward-looking statements are based on current expectations and projections about future events and no party assumes an obligation to update any such forward-looking statements. These forward-looking statements are subject to known and unknown risks, uncertainties and assumptions about Harbor and Elmet that may cause actual results to be materially different from any future results expressed or implied by such forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “should,” “could,” “would,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “continue,” or the negative of such terms or other similar expressions.
Contact:
Robert Hanks
Chief Executive Officer
Harbor Acquisition Corporation
617.472-2805 ext. 8411
or
Devlin Lander
Integrated Corporate Relations
415.292.6855
Source: Harbor Acquisition Corporation