Press Release inside :)
LOS ANGELES, Sept 01, 2010 /PRNewswire via COMTEX/ -- Polaris International
Holdings, Inc. (Pink Sheets: PIHN), a global IT outsourcing services company
with a U.S.-Japan dual market base, today announced unaudited consolidated
financial results for the third fiscal quarter of 2010 ended June 30, 2010 (all
figures in U.S. dollars).
The Company posted revenue of $1,313,246 with $165,157 EBITDA.
"We were pleased to generate $165,157 Net Income in this last quarter. Our
subsidiary in Japan expects to continue to perform well the remainder of the
year as business remains solid," said Kuni Misawa, CEO/President of Polaris
International Holdings, Inc. "The potential acquisition of the U.S. corporation
is moving forward as we continue to pursue a closing date in the near term."
2010Q3 Financial Summary
Staff IS in Japan had $1,313,246 in revenues with $280,397 EBITDA in the
quarter.
The consolidated revenues were primarily attributable to operations in Japan.
The expenses were primarily attributable to cost of materials, salaries and
management costs, other general and administrative expenses and for expansion
for our U.S. based business set up.
The Company raised a total of $90,300 through the sales of restricted Series B
Preferred Shares.
There were some reclassifications in the financial statements ended March 31,
2010. These adjustments have been made and we have posted the revised second
fiscal quarter report for the period ended March 31, 2010 to the Pink Sheets.
Management Discussions
Staff IS, our subsidiary in Japan, continues to perform well. Staff IS also
anticipates receiving large scale projects in the second half of this year.
Our San Diego office is in negotiation with several US corporations as potential
new customers for web design, software development, marketing and graphic
services.
We have a new re-designed website. Please visit www.polaris-int.com and register
to receive periodic updates.
About Polaris International Holdings, Inc.:
Polaris International Holdings, Inc., a Delaware corporation with offices in
Huntington Beach and Los Angeles, California and in Tokyo, Japan is in the
business of supplying services for Network Infrastructure, ASP and Cloud
Computing Solutions. Its management team is composed of seasoned international
business professionals with over 60 years of expertise in technology, media,
entertainment and investment industries. POLARIS with both a U.S. and Japan
market base is well positioned for the global evolution occurring in IT services
and is meeting this evolution with its progressive collection of 'Cloud
Solutions and Services' for its corporate Fortune 100 clients. POLARIS' near
term plan is to build out its 'Global IT Services' through acquisitions and/or
strategic partnerships. The Company is currently engaged in due diligence with
several international businesses which, if successfully completed, will
significantly expand its territory from Japan to include other rapidly growing
Asian markets and North American markets. www.polaris-int.com
Safe Harbor: Statements regarding financial matters in this press release other
than historical facts are "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, Section 21E of the Securities
Exchange Act of 1934, and as that term is defined in the Private Securities
Litigation Reform Act of 1995. The Company intends that such statements about
the Company's future expectations, including future revenues and earnings,
technology efficacy and all other forward-looking statements be subject to the
Safe Harbors created thereby. Since these statements (future operational results
and sales) involve risks and uncertainties and are subject to change at any
time, the Company's actual results may differ materially form the expected
results.
SOURCE Polaris International Holdings, Inc.
www.prnewswire.com
Copyright (C) 2010 PR Newswire. All rights reserved
