Conditions Of Take-Over Bid Of TP Tecnopetrol A.V.V. By Harrington Financial Inc. Satisfied

Business Wire, June 19, 1997

TORONTO--(BUSINESS WIRE)--June 19, 1997--TecnoPetrol Inc. (CANADIAN DEALING NETWORK:HARF.) Harrington Financial Inc. ("Harrington") announced today that all of the terms and conditions of its offer (the "Bid") to acquire all of the issued and outstanding shares and warrants of TP TecnoPetrol A.V.V. ("TecnoPetrol") have been satisfied.

The securityholders of TecnoPetrol deposited, in the aggregate, 14,815,000 shares and 2,832,500 warrants of TecnoPetrol pursuant to the Bid, representing all of the issued and outstanding securities of TecnoPetrol. It is the intention of Harrington to take up and pay for all of the deposited securities of TecnoPetrol in accordance with the terms of the Bid.

The Bid was approved by the shareholders of Harrington at the annual and special meeting of shareholders of Harrington held on June 9, 1997 (the "Meeting"). At the Meeting, the shareholders of Harrington also approved, among other things, the continuance of Harrington under the laws of Yukon Territory and the change of name of Harrington to "TecnoPetrol Inc.", the consolidation of the issued and outstanding common shares of Harrington on the basis of one post-consolidation common share of TecnoPetrol Inc. for every fifteen pre-consolidation common shares of Harrington and the cancellation of the authorized and unissued Class B preference shares of Harrington (collectively, the "Restructuring"). The Restructuring of Harrington has now been completed. Consistent with the provisions of the Bid and the completion of the Restructuring, management of Harrington has been succeeded by management appointed by TecnoPetrol. The contents of the foregoing press release have neither been approved nor disapproved by any stock exchange or similar regulatory authority.

CONTACT: Harrington Financial Inc.

Peter Volk, 416/955-4554