Hirsch International Corp. Completes Acquisition by Paul Gallagher
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HRSH | Quote | Chart | News | PowerRating -- Hirsch International Corp. ("Hirsch") (NASDAQ: HRSH, http://www.hirschinternational.com)
announced today the completion of its acquisition by Paul Gallagher, its
President, Chief Executive Officer and Chief Operating Officer, and
certain of his related parties in a going-private transaction.
Under the terms of the merger agreement for the going-private
transaction, which was approved by Hirsch's stockholders at a special
meeting held on October 20, 2009, Hirsch stockholders (other than Mr.
Gallagher, certain of his related parties, and stockholders that
properly exercised their dissenter' rights under Delaware law), are
entitled to receive $0.31 in cash, without interest and less any
applicable withholding taxes, for each share of common stock they owned
immediately prior to the effective time of the merger. Hirsch expects
that its Class A Common Stock will cease trading on the Nasdaq Capital
Market at the close of trading today and will also be delisted from such
market.
Stockholders of record will receive a letter of transmittal and
instructions on how to surrender their shares of Hirsch common stock in
exchange for the merger consideration. Stockholders of record should
wait to receive the letter of transmittal before surrendering their
shares.
About Hirsch International Corp.
Hirsch is a leading provider of equipment and education and support
services to the graphic and decorated apparel industry. Hirsch
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. Hirsch was
founded in 1968 and is headquartered in Hauppauge, N.Y.
SOURCE: Hirsch International Corp.
Hirsch International Corp.:
Dan Vasquez, 631-701-2112
Corporate Controller and Secretary
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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