EXHIBIT 99.01
For Immediate Release
March 21, 2007
HARBOR ACQUISITION CORPORATION
AND ELMET TECHNOLOGIES, INC.
ANNOUNCE COMPLETION OF ELMET’S EMPLOYEE CONTRACT
RENEGOTIATION
Boston, MA and Lewiston, ME, March
21, 2007 —Elmet Technologies, Inc. (“Elmet”), a
privately-held, fully-integrated manufacturer of custom designed
and engineered Advanced Enabling Materials products, today
announced the successful renegotiation of its collective bargaining
agreement with The International Brotherhood of Teamsters.
This contract was set to expire on April 15, 2007. The
negotiations resulted in a new 6-year contract which expires on
April 14, 2013.
Jack Jenson, CEO of Elmet
Technologies stated, “We are extremely pleased to have
successfully renegotiated our collective bargaining agreement which
covers all of Elmet’s approximately union employees.
The new terms represent a fair and balanced agreement for both the
company and our employees. With the renegotiation behind us,
our skilled and dedicated workforce is well positioned to continue
to focus on the growth of the company.”
On October 17, 2006, Elmet
Technologies announced that it had signed a definitive agreement to
be acquired by publicly traded Harbor Acquisition Corporation
(AMEX: HAC, HAC-U, HAC-WT) (“Harbor”). Following
consummation of the acquisition, Elmet’s current management
team, led by Jack Jensen, CEO, will continue to lead the
organization and the combined company will change its name to Elmet
Technologies Holdings, Inc.
About Elmet Technologies,
Inc.
Originally founded in 1929, Elmet
became an independent company in late 2003 when its current CEO
Jack Jensen led the management buyout of Elmet from its former
parent, Philips Electronics North America Corporation. Under Jensen
and his management team, Elmet has enjoyed growth by providing
innovative refractory metal solutions to OEMs serving such
industries as data storage, semiconductor, medical, electronics and
lighting. Elmet now employs approximately 230 personnel,
including highly-skilled sales, design, engineering, and production
professionals at its Lewiston, Maine headquarters. Elmet’s
products are typically custom-engineered components used in
products such as medical imaging devices, silicon wafer chip
manufacturing equipment, and specialty commercial and residential
lighting applications.
About Harbor Acquisition
Corporation
Based in Boston, Harbor is a publicly traded,
special purpose acquisition company (“SPAC”) formed to
acquire a company in the industrial or consumer products sectors.
The contemplated transaction is subject to shareholder approval,
along with certain regulatory approvals including the filing of a
proxy statement with the Securities and Exchange Commission.
Upon completion of the transaction, Harbor intends to change its
corporate name to Elmet Technologies Holdings, Inc.
Forward Looking Statements
This press release include
