Global Traffic Deal Grossly Undervalues Says Harvest

(Global Traffic has a market cap of $253 mm and an EV of $211 mm; Harvest owns 8.2%; see detailed letter attached to Form 13D filed today)

HCS acquired beneficial ownership (through the Funds or Accounts) of the Subject Shares in open market purchases for investment purposes. On August 3, 2011, the Issuer announced that it had agreed to be “taken private” via a third-party tender offer for all of the Issuer’s outstanding shares for $14.00 per share in cash (the “Tender Offer”). After analyzing the terms of the Tender Offer and other publicly available data, HCS formed the belief that the $14.00 price per share grossly undervalues the Issuer, and, on August 17, 2011, HCS sent a letter (the “Letter”) to the Issuer’s Special Committee outlining HCS’s basis for that belief. A copy of the Letter is included as Exhibit 2 to this Schedule 13D.

Except as set forth herein, HCS does not have any plans or proposals that relate to or would result in any of the transactions specified in clauses (a) through (j) of Item 4 of Schedule 13D. HCS may, at any time and from time to time, review or reconsider its position and/or change its purpose and/or formulate plans or proposals with respect thereto.


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