Hirsch International Receives Acquisition Proposal
12 Junho 2009 - 6:30PM
Business Wire
Hirsch International Corp. (�Hirsch� or the �Company�) (NASDAQ:
HRSH) (http://www.hirschinternational.com) today announced that the
special committee of its board of directors received a letter from
Paul Gallagher, President, Chief Executive Officer and Chief
Operating Officer of the Company, proposing to acquire, through a
new corporation to be formed by Mr. Gallagher (�Newco�) and a
subsidiary thereof (�Acquisition Co�), all of the Company�s
outstanding shares of Class A and Class B common stock for $0.28
per share in cash, other than any shares owned by Newco. Mr.
Gallagher�s letter provides that his offer is contingent upon the
satisfaction of customary conditions, including Newco and
Acquisition Co. obtaining sufficient financing to complete the
transaction and operate the Company after the closing of such
transaction. Mr. Gallagher�s letter indicates that he has entered
into a commitment letter with a financial institution which he
anticipates will provide sufficient funds for these purposes.
The Special Committee, which is comprised of three independent
directors, was established on February 12, 2009 by the board of
directors of the Company and at such time was given full authority
to consider the Company�s strategic alternatives. The Special
Committee has previously retained Thompson Hine LLP as its legal
counsel and Burnham Securities as its financial advisor and will
review this proposal and any alternative proposals that it may
receive with such advisors.
About Hirsch International Corp.
Hirsch is a leading provider of equipment and education and
support services to the graphic and decorated apparel industry. The
Company exclusively represents the decorated apparel industry�s
leading brands including Tajima embroidery equipment, MHM screen
printing equipment, SEIT textile bridge lasers, Pulse Microsystems
digitizing and design software and now Kornit and Mimaki digital
garment printers. Hirsch�s customer groups include: a wide range of
contract manufacturers that outsource their embellishment
requirements; manufacturers who use embroidery, screenprinting,
laser etching or digital printing to embellish their apparel and
fashion accessories; promotional products, uniform, and sportswear
companies; retail stores; and graphic and decorated apparel
entrepreneurs servicing the athletic apparel, corporate logo-wear,
and advertising specialties markets.
The Company is led by a strong and experienced management team
focused on continuing to grow its core business through sound
acquisitions of products and processes, as well as through related
business ventures in which the Company can build and maximize
stockholder value. The Company was founded in 1968 and is
headquartered in Hauppauge, N.Y.
Safe Harbor Statement
This press release contains forward-looking statements which are
made pursuant to the safe harbor provisions set within the meaning
of the Private Securities Litigation Reform Act of 1995. Except for
historical information contained herein, the matters set forth in
this news release are forward-looking statements. Readers should
note that forward-looking statements set forth above involve a
number of risks and uncertainties that could cause actual results
to differ materially from any such statement, including, without
limitation, the risks and uncertainties discussed under the caption
�Risk Factors� in the Company�s Form 10-K for calendar 2008, which
may be updated by our subsequent periodic reports, which discussion
is incorporated herein by reference. Readers are also urged to read
the periodic filings and current reports on Form 8-K of the
Company.
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