Polaris International Holdings (PIHN)

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Regarding the acquisition, we can disclose that we just executed a new LOI with the target company for an extension of closing due to the extra time it's taking to complete the two year audit on our acquisition target. We are currently awaiting the completion of the audits of both the parent company and its subsidiary in India . We have been told by the auditors that the audits on the target company will be completed by the end of this month. Simultaneously, final Purchase Agreement is being reviewed by legal counsels of both parties. In addition to it, we have engaged our immigration attorneys and they have begun reviewing the status of the staffers from India. While this acquisition is necessarily complex, we are satisfied with progress to date and can assure you progress continues without inordinate delays.

Once we have received the two year audits, we expect to close the acquisition within 14 days from receipt, unless there are significant differences between the unaudited and audited documents currently in our possession.