Nike Xyz
Polaris International Holdings, Inc.(NASDAQ:PIHN)
PIHN is currently traded at $USD 0.0004 with the market capitalization of 1.46 million shares. It has the current trading volume of 23.08 million shares.
The company provides various aspects of technology services and support, ranging from technology architecture design and construction to systems implementation, as well as from integration to business solutions. It also offers IT management and outsourcing services across applications, datacenters, networking, and desktop environments with specific industry focus. The company's services include ASP services comprising exchange-hosting service, algorithmic trading, Asterisk/PBX system rent, and BIGFIX/client/server application; systems integration services; maintenance and support services covering various aspects of IT infrastructure support, ranging from installations to maintenance services; and infrastructure services. It also engages in IT staffing business, which includes the provision of IT personnel for short-term, long-term, or permanent placement; and contract, contract-for-hire, and direct hires IT staffing services.
Polaris International Holdings, Inc. is based in Huntington Beach, California.
Recently, Polaris International Holdings, Inc. announced 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.
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." 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.
PIHN has also entered into a Letter of Intent to acquire a U.S. telecom business, subject to due diligence and funding. The closing date is expected to be late August, 2010. The targeted acquisition company, which must remain unnamed, is currently generating revenues in excess of $12,000,000 and operating with a profit margin in the 30 percent range.
Happy trading,
Chris Wick
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1998 - Commercial - Nike - Cammi Granato - Hockey