November 17, 2006
Harvest Capital Asset Management Completes US$16 Million Debt Facility for US – Brazilian Agriculture Joint Venture
CHICAGO, Nov. 17 /PRNewswire/ -- Harvest Capital Asset Management LLC, a private equity management company specializing in the formation and operation of agricultural and timber properties in Brazil, announced the completion of a US$16 million debt facility from a Major US Agriculture Lender for its Two Rivers Farm project in north central Brazil. Harvest Capital raised US$32 million of private equity in May 2005 for the Two Rivers Farm project.
The initial equity was utilized to fully pay for the land, build a 2.5 million bushel rice processing and storage facility, plant 13,000 acres of soybeans on leased ground, and begin the development of 2,500 acres of the purchased ground. The debt facility will be utilized to finish the development of the remaining 47,500 acres of the purchased ground, purchase equipment, construct buildings and provide operating cash for the continued planting of 20,000 acres of leased ground.
Scott Oakes, Harvest Capital Managing Member and agricultural economist with 12 years of grain trading & production experience in Brazil commented, "We are excited to enter the next phase of this project. Our Brazilian finance and operation teams continue to prove their ability to meet objectives by overcoming the challenges present in this unique development project."
"This financing is a reflection of the solid global team that we have put in place to maximize the economies of scale at Two Rivers Farm," commented Harvest Capital Managing Member Scott Thornburgh. "Harvest Capital will continue to bring similar Brazilian investments to market."
This press release contains "forward-looking" information within the meaning of the federal securities laws. The forward-looking information may include statements concerning the Two Rivers Farm outlook for the future, as well as other statements of beliefs, future plans and strategies or anticipated events, and similar expressions concerning matters that are not historical facts. The forward-looking information and statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, the statements.
Contact: Scott Thornburgh Phone: 630-579-4799 [email protected]
Harvest Capital Asset Management LLC
CONTACT: Scott Thornburgh of Harvest Capital Asset Management LLC,+1-630-579-4799, [email protected]
Web site: http://www.harvest-capital.com/