Polaris International Holdings Executes Definitive Acquisition Agreement and Updates Market on Closing Schedule
12 12월 2007 - 11:00PM
Marketwired
TOKYO and LOS ANGELES, CA (the Company)
(http://www.polaris-int.com) announced today that Polaris
Technology, Inc. has executed the definitive agreement for the
acquisition of Staff IS CO., Ltd.'s cabling division
http://www.staffis.co.jp. Additionally, management has released the
timetable for closing both the Polaris Technology and Staff IS CO.,
Ltd. acquisitions.
The Polaris Technology, Inc. acquisition is scheduled to close
by January 31, 2008 and the Staff IS CO., Ltd.'s cabling division
acquisition is scheduled to close on or before February 29, 2008.
Once completed, Polaris Technology, Inc. will become a wholly owned
subsidiary of Polaris International Holdings and Staff IS CO.,
Ltd.'s cabling division will operate as a division of Polaris
Technology. The two companies have already begun working
cooperatively on the development of new business for the combined
venture.
Staff IS CO., Ltd., incorporated on October 1, 2001, currently
has twelve employees in its cabling division; they will join
Polaris Technology's existing staff of six with the closing of
Staff IS CO.'s cabling business. Although actual revenue figures
for Polaris Technology and Staff IS CO. are confidential until the
acquisitions are completed, both companies are operating at a
positive EBITDA and, accordingly, the acquisitions will be
accretive to PIHN shareholders.
The Companies' accountants have begun preparing the books of all
three companies to facilitate an audit of the combined companies
immediately following the closing of the Staff IS CO.'s cabling
division acquisition as the first step toward becoming a fully
reporting company and an application to be listed for trading on
the NASDAQ Bulletin Board.
The acquisition of the Staff IS CO.'s cabling division is viewed
as doubly advantageous because it is not only accretive to the
Company's shareholders with profitable revenue stream, it also
delivers high profile customers along with a highly experienced
staff. The Company's founders Naoto Higuchi and Kuni Misawa worked
for Staff IS Co., Ltd. as operation executives. This pre-existing
relationship with management has enabled Polaris to make what it
considers a very advantageous acquisition that will be very
desirable to PIHN shareholders. Naoto Higuchi, co-founder of
Polaris International Holdings, also is the sole owner of Polaris
Technology, Inc. In less than a year, Polaris Technology has
attained profitability and boasts an impressive list of clients
including Fortune 100 Global members. With Higuchi also owning 40%
of Polaris International Holdings, the acquisition of Polaris
Technology/Staff IS CO. is also structured to be very attractive to
PIHN shareholders.
Polaris Technology and Staff IS CO., Ltd. deliver IT management
and outsourcing services across applications, data centers,
networking and desktop environments. Both Staff IS's cabling
division and Polaris Technology have Fortune Global 100
corporations as clients.
According to Kuni Misawa, Polaris International Holdings, Inc.
CEO, "The execution of the Staff IS CO. agreement represents
another significant milestone for the Company. I am particularly
pleased that the respective teams have found synergy and are
already working together to bring their combined products to their
respective customer bases. I am confident our expanded capabilities
will serve to cement customer loyalty and to expand opportunities
within the vertical markets they represent."
IDC Japan, www.idcjapan.co.jp, forecasted on May 31, 2007 that
the Japanese IT market will have reached $104 Billion in 2007, up
2.6% from 2006. IDC Japan also reported that the public sector
within the Asia/Pacific (Excluding Japan) region represents an
industry of diverse spending behavior, with spending expected to
cross US$32 billion by 2011. IDC Japan is a subsidiary of IDC. IDC,
www.idc.com, is the premier global provider of market intelligence,
advisory services, and events for the information technology,
telecommunications, and consumer technology markets.
About Polaris International Holdings, Inc.
Polaris International Holdings, Inc., a Delaware corporation
with offices in Huntington Beach and Los Angeles, California and
Tokyo, Japan, is a holding company of IT services and technology
companies located in Japan. The Company plans to expand from its
current territory of Japan to include the other rapidly growing
Asian markets.
Forward-Looking Statements and Risk Factors
Certain statements in this press release are "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934.
These statements involve a number of risks, uncertainties and other
factors that could cause actual results, performance or
achievements of Polaris International Holdings, Inc. to be
materially different from any future results, performance or
achievements expressed or implied by these forward-looking
statements. There can be no assurance that we will satisfactorily
reach our objectives or projections. Other factors, which could
materially affect such forward-looking statements including risk
factors relating to lack of sufficient capital, competition, lack
of expertise in some or all of the areas we are currently
attempting to do business in and lack of market support for our
stock. Investors, potential investors and other readers are urged
to consider these factors carefully in evaluating the
forward-looking statements and are cautioned not to place undue
reliance on such forward-looking statements. The forward-looking
statements made herein are only made as of the date of this press
release and we undertake no obligation to publicly update such
forward-looking statements to reflect subsequent events or
circumstances.
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Contact: CB Maxwell Maxwell Media Marketing 209-533-8291
Polaris (CE) (USOTC:PIHN)
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