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Polaris International Holdings, Inc. has Reached Terms for the Acquisition of a U.S. IT Communications Company
LOS ANGELES, Nov. 10, 2010 /PRNewswire-FirstCall/ -- Polaris International Holdings, Inc. (Pink Sheets: PIHN) is pleased to announce that it has agreed on new terms for the acquisition of a U.S. IT Communications Company. It is expected that the transaction will take place in December. This U.S. IT Communications Company, an approved provider for broadband operators and all premium programs, is currently generating revenues in excess of $12,000,000 and operating with a profit margin in the 30 percent range.
Polaris International Holdings, Inc. CEO/President, Kuni Misawa, stated, "The revised terms have made the transaction workable for both sides. We feel there are many benefits of this transaction for Polaris International, including expanding business operations outside of Japan where the Company's core IT business has been focused."
The combination of business is expected to exceed US$18 million in revenues this coming calendar year.
Terms were not disclosed. The targeted acquisition company will remain unnamed.
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 the 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 which, if successfully completed, will significantly expand its territory from Japan to include other rapidly growing Asian and North American markets. http://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.
SOURCE Polaris International Holdings, Inc.
Polaris International Holdings, Inc.
CONTACT: Chuck Cibulka of Polaris International Holdings, Inc., +1-858-213-4153, info@polaris-int.com
Web Site: http://www.polaris-int.com
Polaris International Holdings, Inc. has Reached Terms for the Acquisition of a U.S. IT Communications Company
LOS ANGELES, Nov. 10, 2010 /PRNewswire-FirstCall/ -- Polaris International Holdings, Inc. (Pink Sheets: PIHN) is pleased to announce that it has agreed on new terms for the acquisition of a U.S. IT Communications Company. It is expected that the transaction will take place in December. This U.S. IT Communications Company, an approved provider for broadband operators and all premium programs, is currently generating revenues in excess of $12,000,000 and operating with a profit margin in the 30 percent range.
Polaris International Holdings, Inc. CEO/President, Kuni Misawa, stated, "The revised terms have made the transaction workable for both sides. We feel there are many benefits of this transaction for Polaris International, including expanding business operations outside of Japan where the Company's core IT business has been focused."
The combination of business is expected to exceed US$18 million in revenues this coming calendar year.
Terms were not disclosed. The targeted acquisition company will remain unnamed.
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 the 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 which, if successfully completed, will significantly expand its territory from Japan to include other rapidly growing Asian and North American markets. http://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.
SOURCE Polaris International Holdings, Inc.
Polaris International Holdings, Inc.
CONTACT: Chuck Cibulka of Polaris International Holdings, Inc., +1-858-213-4153, info@polaris-int.com
Web Site: http://www.polaris-int.com