Polaris International Holdings, Inc. (PIHN) Acquires Profitable Japanese IT Network Infrastructure Business From Staff IS Co., L
28 9월 2009 - 9:30PM
Marketwired
Polaris International Holdings, Inc. (PINKSHEETS: PIHN), a global
IT outsourcing services company that is embracing 'Cloud Based
Services' with a U.S.-Japan dual market base, announced today that
the Company acquired the Network Infrastructure business and all
other IT service business of Staff IS Co., Ltd., a privately-held
established Japanese IT outsourcing services provider. The purchase
price for the transaction was approximately $1.7 million in a
combination of cash and a Secured Convertible note. Staff IS'
Network Infrastructure business has a solid reputation for its
competent and reliable professionals and is positioned as a market
force in Japan. Staff IS' Network Infrastructure business has a
handsome group of clients from Global Fortune 100 companies such
Nike Japan, GE Real Estate Corporation, and HVB Capital Asia
Limited Tokyo Branch. This client base is more evidence of the
trust that sophisticated companies now have in POLARIS. Staff IS IT
services will begin operating as a subsidiary of POLARIS on or
before November 1, 2009.
Kuni Misawa, President and CEO of Polaris International
Holdings, Inc., said, "I could not be more pleased with the outcome
of this acquisition, as we seem to be at the right place and the
right time for both companies. Increasing shareholder value is the
top priority in a transaction of this nature. Today's business
environment is a bit different even from only a few years back, but
that is not going to stop us from creating a very exciting
opportunity for shareholders and investors."
POLARIS, who currently employs 3 people, will gain 12 new
employees with this acquisition of Staff IS Network Infrastructure.
Co-founders of POLARIS held executive positions in Staff IS Co.,
Ltd.
About Staff IS' Network Infrastructure:
Staff IS Co., Ltd.'s Network Infrastructure Business Division
was established in 2001. Staff IS' Network Infrastructure's primary
business is the installation of integrated wiring systems. Their
business includes 'Move and Change.' 'Move and Change' is IT
equipment relocation services that usually result from
organizational changes that occur in the office environment.
For its twelve months ended June 30, 2009, Staff IS' Network
Infrastructure operation had sales of approx. $3,115,789 and
earnings of approx. $273,684 EBITDA for June 30, 2009.
www.staffis.co.jp
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 that will significantly
expand its territory from Japan to include the 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.
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CONTACT: Polaris International Holdings, Inc. Kuni Misawa (310)
849-1094 Email Contact
Polaris (CE) (USOTC:PIHN)
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Polaris (CE) (USOTC:PIHN)
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