Hirsch International Receives Extension of Time for Acquisition Proposal
June 25 2009 - 3:05PM
Business Wire
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. The new expiration date for Mr. Gallagher�s
offer is June 30, 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.
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