News for 'PIHN' - (Polaris International Holdings, Inc. has Reached Terms for the Acquisition of a U.S. IT Communications Company)
LOS ANGELES, Nov. 10, 2010 /PRNewswire via COMTEX/ -- Polaris International
Holdings, Inc. (Pink Sheets: PIHN) is pleased to announce that it has agreed on
new terms for the acquisition of a U.S. IT Communications Company. It is
expected that the transaction will take place in December. This U.S. IT
Communications Company, an approved provider for broadband operators and all
premium programs, is currently generating revenues in excess of $12,000,000 and
operating with a profit margin in the 30 percent range.
Polaris International Holdings, Inc. CEO/President, Kuni Misawa, stated, "The
revised terms have made the transaction workable for both sides. We feel there
are many benefits of this transaction for Polaris International, including
expanding business operations outside of Japan where the Company's core IT
business has been focused."
The combination of business is expected to exceed US$18 million in revenues this
coming calendar year.
Terms were not disclosed. The targeted acquisition company will remain unnamed.
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 the 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 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.
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