By: robert15 $$$$
Reply To: 3347 by robert15 $$$$ Sunday, 8 Oct 2000 at 7:54 PM EDT
Post # of 3973
****DD on HVST****
First the facts:
Harvest Capital Corp is your typical "shell play", a fully reporting, SEC complient corporation, looking to reverse merge with an existing private business or enterprise.
For a good explaination of what a shell play is, go to:
reversemerger.com
There are 89,999,999 shares outstanding as of 8-14-00, and the company president, Mr. Joseph Murphy, owns 19,600,000 shares or approximately 22% of the company. On today's market, his shares in HVST are worth approximately $1.4 million.
Mr. Murphy is also President of another NASDAQ company, a high end bridal dress company, JLM Couture Inc, which trades under the NASDAQ smybol JHPC. JHPC currently trades at $2.50 per share.
HVST has virtually no physical assets of its own, but does hold stock in JHPC. In fact, the ownership in JLM is the bulk of Harvest's assets at the current time, as the company waits to merge with an existing company.
The company has offices in New York City, and is incorporated in Deleware. The office phone number is (212) 819 1066.
Cash outlays are at a minimum right now. No officers of the company are currently receiving any cash payments for saleries, and office space is being provided at a minimal charge through Mr. Murphy's other venture.
(Below is a conversation from a posting in March, By Poster emeehaggs, I hope I spelled her name right.)
In a phone conversation I had with President Joseph Murphy last week, he confirmed that Harvest was looking at potential merger candidates.
While he correctly refused to comment on the recent movement in share price, he did indicate Harvest was looking at companies with an eye towards technology. As stated in their annual report, Harvest's 12 month business strategy states they are seeking out merger partners.
When I asked him about the timing of a potential reverse merger, he once again said he couldn't comment on that issue, but did volunteer that they were not content to just sit around and wait.
Read into that what you will, but I took it to mean they were in the process of doing their own DD on potential merger candidates.
In my opinion, the recent movement in stock price and pickup in volume could be indicative of a near-term announcement of a merger candidate. (Friends and family of those "in the know" typically buy weeks ahead of an announcement.) Also the recent move higher in other shell plays,(KLYS and CCCZ) for examples, raises the premium investors are willing to pay for shells like HVST. Also, with the company's president having nearly $1.4 million of his own worth riding on this venture, I believe he is very vested in increasing shareholder value in HVST soon.
Again, just my humble opinion, but this shell appears solid to me. I wouldn't bet against it. With Mr. Murphy's own wealth ($1.4 million) riding on this venture, and with the success he has had with JHPC. I can't help but be extremely excited about the profit potential in HVST.
HVST is Fully Reporting!
Latest 10KSB
sec.gov
**HVST Is Getting Noticed**
Here is a link to the July Vol. reports for all MM's, look at the Vol.'s and new MM's HVST has picked up for July.
otcbb.com |
