BIH Corporation (fka BIHC)

[ORCA]

BIHC says this WEEK.REad Bold.BIH Corporation Board of Directors Will Meet This Weekend Regarding an Unsolicited Offer to Acquire All of Its Remaining Outstan

The representatives of the private investor informed the Company that they were not after BIH Corporation itself but its subsidiary Baron International and expressed a desire for the company to acquiesce as their willingness is to pay up to $0.20 per share on the open market.
WEST ORANGE, NJ announced today that late Thursday afternoon the Company received an unsolicited offer to acquire all of its remaining outstanding shares by a private investor. The Board of Directors will have to vote on this offer over the weekend as it will exceed the SEC ten percent rule and would require the company's consent.
As previously announced the Company is in the midst of its own buyback of common shares on the open market, yesterday alone the company acquired 7,950,000 of its common shares on the open market thru a designated third party.
The representatives of the private investor informed the Company that they were not after BIH Corporation itself but its subsidiary Baron International and expressed a desire for the company to acquiesce as their willingness is to pay up to $0.20 per share on the open market.
BIH Corporation realizes that its share price is way undervalued as does this private investor and the Company's Board of Directors will have to very carefully evaluate the ramifications of this unsolicited offer and decide accordingly as to the benefits, if any to the Company and its shareholders.
"Mr. Cris Galo, CEO of BIH Corporation, understands that the Company is materially undervalued, however he is concerned about any interference from an outside private investor intruding with the on going buyback of his Company's shares," said Frank Nordstrom Company Spokesman.




Mr. Nordstrom also stated that, "Mr. Galo will converse with The Board of Directors this weekend and they together will determine what is best for the shareholders and the company."