SOURCE: BIH Corporation

June 25, 2008 10:20 ET

BIH Corporation Agrees to Sale of Baron International Subsidiary

WEST ORANGE, NJ--(Marketwire - June 25, 2008) - BIH Corporation (PINKSHEETS: BIHC) announced today that its Board of Directors, through the advice of its attorneys, has agreed to sell its subsidiary Baron International.

The acquirers and BIH Corporation have agreed on a purchase price subject to a five business day period to allow the acquirer to perform due diligence. Upon the completed due diligence, the parties will move to a closing as fast as possible. Terms and acquirer will be released at the completion of the closing as both parties have mutually agreed on this action as not to cause any outside disruptions.

"The company believes that it has acted in the best interest of The Company and its Shareholders as this will place BIH Corporation into an extremely strong cash position and also allow the company to issue a one time special cash dividend to its shareholders," said Frank Nordstrom, company spokesman.

This press release does not constitute an offer of any securities for sale. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements involve certain risks and uncertainties that could cause actual results to differ, including, without limitation, the company's limited operating history and history of losses, the inability to successfully obtain further funding, the inability to raise capital on terms acceptable to the company, the inability to compete effectively in the marketplace, the inability to complete the proposed acquisition and such other risks that could cause the actual results to differ materially from those contained in the company's projections or forward-looking statements. All forward-looking statements in this press release are based on information available to the company as of the date hereof, and the company undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

Contact Information

  • Contact:
    BIH Corporation
    Investor Relations
    Tel: 1-866-532-5908
    Fax: 1-239-437-5777