chroff!!!!!
Dear Shareholders,
As we are well into the New Year, we wanted to recap where The Harvard Learning Centers, Inc. (“HVLN”) currently stands. We also want to take a brief look at where HVLN has been and update where it’s going so that HVLN can maintain its strategic focus.
As we advised you in our last shareholder update, dated January 11, 2007, HVLN entered into a letter of intent to be acquired by Cirilium Holdings, Inc. (“Cirilium”) with a closing date of mid February. After a lot of effort spent structuring the deal, we have come to the conclusion that it does not make sense to proceed with the transaction. The key problem was the inability to obtain cooperation from the Cirilium Transfer Agent to have the amount of free-trading shares available to compensate the HVLN shareholders. As such, our only viable option at this time remains the 15c211 filing process.
As we noted earlier, Glendale Securities filed a 15c211 with the NASD on behalf of HVLN. We were hoping that the business combination with Cirilium would have been essentially completed by now. Unfortunately, our only viable option at this time remains the 15c211 filing process. We had received the first set of comments and we are in the process of preparing the response thereto. As we may have mentioned, securing cooperative accountants and getting the financials together has been a real bear. Nonetheless, we expect to file such, together with the requisite financials, within the next two weeks. We will advise you when this occurs.
However, to appreciate where we are, we need to step back and focus on the key factors that led to the various strategic steps we had undertaken. Throughout, our whole approach has been to try to maximize shareholder value and, most specifically, deal a mortal blow to the shorts which shorted the AWYB stock by at least 7 million shares.
As you will recall, we were advised that recalling the AWYB shares was the only way to force the shorts to cover. This led to the mandatory exchange of the AWYB shares for HVLN shares. This action knocked the Company off the Pink Sheets and required that HVLN complete the 15c211 process before it can begin trading. As an intermediate step, we were able to get the Company trading on the greys through the intercession of Glendale Securities.
On a positive note, we have very encouraging news regarding the actual business that HVLN is engaged in. In the next few days, we will advise you of the exciting things that are happening. Once we get through the hiccup of getting HVLN back trading, we see a very bright future ahead. Thank you for patience and we will try to update you at least once every two weeks.
Angel Love,
Director of Shareholder Relations
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