Hirsch International Receives Additional Extension of Time for Acquisition Proposal
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HRSH | Quote | Chart | News | PowerRating -- Hirsch International Corp. ("Hirsch" or the "Company") (NASDAQ: HRSH, http://www.hirschinternational.com)
previously announced on June 12, 2009 that the special committee of its
board of directors received a letter from Paul Gallagher, President,
Chief Executive Officer and Chief Operating Officer of the Company,
proposing to acquire, through acquisition entities to be formed by him,
all of the outstanding shares of the Company's Class A and Class B
Common Stock, for $0.28 per share in cash, other than shares held by Mr.
Gallagher and any investor that may invest in his acquisition entities.
Mr. Gallagher's letter provided that his offer was subject to conditions
contained in the letter, and that his offer would expire on June 25,
2009.
On June 24, 2009, the Special Committee requested that Mr. Gallagher
extend the expiration date of his offer and Mr. Gallagher agreed to such
request by extending the expiration date to June 30, 2009.
On June 29, 2009, the Special Committee again requested that Mr.
Gallagher extend the expiration date of his offer and Mr. Gallagher
agreed to such request. The new expiration date for Mr. Gallagher's
offer is July 2, 2009.
About Hirsch International Corp.
Hirsch is a leading provider of equipment and education and support
services to the graphic and decorated apparel industry. The Company
exclusively represents the decorated apparel industry's leading brands
including Tajima embroidery equipment, MHM screen printing equipment,
SEIT textile bridge lasers, Pulse Microsystems digitizing and design
software and now Kornit and Mimaki digital garment printers. Hirsch's
customer groups include: a wide range of contract manufacturers that
outsource their embellishment requirements; manufacturers who use
embroidery, screenprinting, laser etching or digital printing to
embellish their apparel and fashion accessories; promotional products,
uniform, and sportswear companies; retail stores; and graphic and
decorated apparel entrepreneurs servicing the athletic apparel,
corporate logo-wear, and advertising specialties markets.
The Company is led by a strong and experienced management team focused
on continuing to grow its core business through sound acquisitions of
products and processes, as well as through related business ventures in
which the Company can build and maximize stockholder value. The Company
was founded in 1968 and is headquartered in Hauppauge, N.Y.
Safe Harbor Statement
This press release contains forward-looking statements which are made
pursuant to the safe harbor provisions set within the meaning of the
Private Securities Litigation Reform Act of 1995. Except for
historical information contained herein, the matters set forth in this
news release are forward-looking statements. Readers should note
that forward-looking statements set forth above involve a number of
risks and uncertainties that could cause actual results to differ
materially from any such statement, including, without limitation, the
risks and uncertainties discussed under the caption "Risk Factors" in
the Company's Form 10-K for calendar 2008, which may be updated by our
subsequent periodic reports, which discussion is incorporated herein by
reference. Readers are also urged to read the periodic filings and
current reports on Form 8-K of the Company.
SOURCE: Hirsch International Corp.
Hirsch International Corp.
Dan Vasquez, 631-701-2112
Corporate Controller
Dvasquez@hirschintl.com
For full details on Hirsch International Corp Class A (HRSH) HRSH. Hirsch International Corp Class A (HRSH) has Short Term PowerRatings at TradingMarkets. Details on Hirsch International Corp Class A (HRSH) Short Term PowerRatings is available at This Link.
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