Harbor Brewing Company, Inc. Reduces Its Common Shares Outstanding to 84.9 Million From 144.9 Million
Action Follows Recent Reduction of Authorized Shares to 250 Million
SACKETS HARBOR, NY, Oct 04, 2010 (MARKETWIRE via COMTEX) -- Harbor Brewing Company, Inc. (PINKSHEETS: HBWO) announced that its majority shareholder, North Country Operating Corp., has retired 60 million shares of common stock it held in Harbor Brewing Company, Inc. The action resulted in a reduction of Harbor Brewing Co.'s total common shares outstanding to 84.9 million from 144.9 million, which represents a reduction of over 40%. Furthermore, North Country Operating Corp. also holds an additional 40 million restricted shares that are also the subject of negotiations to retire in whole or in part.
Additionally, the State of Florida has accepted the previously announced amendment to the company's articles of incorporation reducing the number of common shares authorized for issuance from 5 billion to 250 million.
Management is also pleased to announce that it has attained "Current Information" status with Pink Sheets, and management will continue in its efforts to become a fully reporting company with a listing on the OTC Bulletin Board or American Stock Exchange in the coming months.
Thomas W. Scozzafava, President of Harbor Brewing Company, stated, "These recent actions represent a effort by management to focus on creating sustained per share shareholder value that would be necessary for the company to possibly up-list to the American Stock Exchange as well as to create a share price that creates credibility with our partners, vendors, employees and potential merger or acquisition candidates."
About Harbor Brewing Company, Inc. Harbor Brewing Company, Inc. owns and operates brewing, baking, restaurant and real estate assets. In the brewing industry the company develops and acquires craft brewing companies and select craft beer labels. The company's holding, Sackets Harbor Brewing Company, develops, produces, and markets micro brewed beers such as the award winning "War of 1812 Amber Ale," "Thousand Island Pale Ale" as well as "Railroad Red Ale", "1812 Amber Ale Light" and "Harbor Wheat" specialty beers. Its "1812 Amber Ale" is the company's flagship brand and was the winner of a Silver Award at the World Beer Championship. Alteri Bakery (www.alteribakery.com), which has serviced the northern New York region with quality baked goods since 1971, produces the area's only "true" Italian breads and specialty pastry items, such as cakes, cookies, muffins, bagels, and specialty gift baskets. Alteri's products can be found at local restaurants, grocery stores, schools, and its own store. Harbor Brewing also runs the popular dining establishment, Sackets Harbor Brew Pub (www.sacketsharborbrewpub.com), which offers fine dining and a rotation of fifteen craft beers. The restaurant, which is located on the shore of Lake Ontario in downtown Sackets Harbor, is open year round.
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Harbor Brewing Company, Inc.
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SOURCE: Harbor Brewing Company
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SUBJECT CODE: Financial Services:Commercial and Investment Banking
Financial Services:Investment Services and Trading
Food and Beverage:Beverages
Food and Beverage:Food
Retail:Consumer Interest
Food and Beverage:Retailers
Food and Beverage:Vending
Professional Services:Investor Relations
Food and Beverage:Packaging and Processing
