Natural Harmony Foods, Inc. announced on Friday that the company has almost completed a three month due diligence and corporate clean-up process in order to prepare the company for new financing opportunities and to become a fully-reported public company.
In a newsletter dated earlier this year the company mentioned that lack of funding continues to impede their advancements. Once the due diligence and corporate “clean-up” process is completed, the company will begin to prepare the documentation necessary to secure new 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.
Natural Harmony Foods has also received approval from a national retail grocery chain for three new SoLean® breakfast products. In addition, the company is getting ready for a major Natural Foods tradeshow Expo West in mid March where they will have endless marketing opportunities and be able to show and offer their food to the public.
On a financial note, the company’s President Sam Dewar has decided not to take “cash” payments for deferred compensation but rather contribute to the company’s cash flow by accepting “restricted stock” instead. Mr. Dewar felt that this was in the best interest of the company and stated, “As one of the company’s founders, I strongly believe in the company, its products and its ability to expand into new markets. To that end, I am committed to doing whatever needs to be done to support the company during ‘tight’ cash flow situations.”
The company is also confident that while they did not meet some of their corporate objectives for 2007, this year will be a better year for the company as their goals is to meet majority of their objectives.
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.
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