Hirsch Stockholders Approve Going-Private Transaction
21 October 2009 - 3:04AM
Business Wire
Hirsch International Corp. (“Hirsch”) (NASDAQ: HRSH,
http://www.hirschinternational.com) announced that its stockholders
voted at a special meeting held today to approve the merger
agreement entered into on July 2, 2009, providing for the
acquisition of Hirsch by an affiliate of Paul Gallagher, Hirsch's
President, Chief Executive Officer and Chief Operating Officer.
Pursuant to the terms of the merger agreement, Hirsch stockholders
(other than Mr. Gallagher, certain of his related parties, and
stockholders that properly exercised their dissenter’ rights under
Delaware law), are entitled to receive $0.31 in cash, without
interest and less any applicable withholding taxes, for each share
of common stock they owned immediately prior to the effective time
of the merger.
The transaction is expected to close by the end of October 2009
and remains subject to the satisfaction or waiver of certain
closing conditions, including the receipt of debt financing. There
can be no assurance that such debt financing will be obtained.
About Hirsch International Corp.
Hirsch is a leading provider of equipment and education and
support services to the graphic and decorated apparel industry.
Hirsch 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. Hirsch 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 Hirsch’s Form 10-K for the year ended
December 31, 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 Hirsch.
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