HRNF summarily dumped deal with HRNF for CAUSE
Someone might want to put a link on I-Box to the Natural Harmony company newsletter where they gave the reasons they dumped HRNF. Note that these reasons were published well before Heathrow put out their info, giving a conflicting reason (was it a lie by Pagnano?) for the acquisition failure.
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Heathrow dumped by Natural Harmony? 2-Jun-09 12:30 pm Posted by: PRmaniac Date: Tuesday, June 02, 2009 12:28:36 PM
In reply to: PRmaniac who wrote msg# 22932 Post # of 22933
Heathrow got dumped by natural harmony
Here is what Heathrow said, in their May 19th PR.
"We would also like to announce that HNFB will not be acquiring Natural Harmony Foods. After due diligence, it was thought best that we remain in the non perishable natural food sector and not take on the logistics of distributing frozen food."
Here is what Natural Harmony said, in their May 8th newsletter. I tend to believe Natural Harmony, who did DD. Was HRNF lying in the PR?
"Funding. In January, with no other apparent option, we entered into an agreement with Big Apple Consulting. They were to help us raise one million dollars or more, bring more market makers to our stock and assist us in moving to becoming fully reporting. About 6 weeks into the agreement they admitted that they were not having success raising funds nor helping the stock activity. They did propose a deal with Heathrow. We signed a Letter of Intent to be acquired by Heathrow. Through our subsequent due diligence we became concerned that Mr. Mike Pagnano and his companies were known for putting out tons of shares, then doing major reverse splits with little concern for the long term success of the underlying company. At the close of the 30 day period, we notified Heathrow we had no interest in going further with them.
On May 1, we notified Big Apple that we wished to terminate our agreement with them immediately with no further obligations by either party. They have yet to respond."
