Hirsch International Corp. Completes Acquisition by Paul Gallagher
* Reuters is not responsible for the content in this press release.
HAUPPAUGE, N.Y.--(Business Wire)--
Hirsch International Corp. ("Hirsch") (NASDAQ: HRSH,
http://www.hirschinternational.com) announced today the completion of its
acquisition by Paul Gallagher, its President, Chief Executive Officer and Chief
Operating Officer, and certain of his related parties in a going-private
transaction.
Under the terms of the merger agreement for the going-private transaction, which
was approved by Hirsch`s stockholders at a special meeting held on October 20,
2009, 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. Hirsch expects that its
Class A Common Stock will cease trading on the Nasdaq Capital Market at the
close of trading today and will also be delisted from such market.
Stockholders of record will receive a letter of transmittal and instructions on
how to surrender their shares of Hirsch common stock in exchange for the merger
consideration. Stockholders of record should wait to receive the letter of
transmittal before surrendering their shares.
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.
Hirsch International Corp.:
Dan Vasquez, 631-701-2112
Corporate Controller and Secretary
Dvasquez@hirschintl.com
Copyright Business Wire 2009
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.


Follow Reuters