PIHN - .0003 x .0004 News may get this one moving.. FWIW
Polaris International Holdings, Inc. Signs Letter of Intent for Southern California Based IT Services Company Acquisition
LOS ANGELES, Jan. 10, 2011 /PRNewswire via COMTEX/ -- Polaris International Holdings, Inc. (Pink Sheets: PIHN) announced today that it has entered into a Letter of Intent to acquire a Southern California based IT services company which provides End-to-End solutions such as staffing services and software development and maintenance to various Fortune 500 companies across the United States and Canada, subject to the satisfactory completion of the parties due diligence. The parties contemplate closing to occur in 2011 Q1. The targeted acquisition company that must remain unnamed is currently generating annual revenues in excess of $13,000,000 with 10% EBITDA.
CEO/President Kuni Misawa commented, "We are pleased to announce a LOI with a Southern California based company with an office in India that we feel is a very natural fit for our business moving forward. Due to our current business model being focused on IT service for companies globally, this targeted acquisition, which is a business in the IT service business, is something that the board of directors felt very strongly about pursuing. We have also been involved in pursuing another acquisition on the East Coast since late last year. Under the circumstances, when the opportunity to acquire this Southern California company became available, management felt that it was in the best interest of the company to pursue this transaction first for a number of reasons - specifically relating pricing and compatible business model. Our business strategy remains tied to building a firm foundation on a global market base via acquisitions and mergers. By pursuing this goal, we will stay focused on the acquisition path in order to grow, which includes closing this particular acquisition."
AI
