SOURCE: BIH Corporation

June 26, 2008 08:58 ET

BIH Corporation Releases Estimated Baron International Acquisition Numbers

WEST ORANGE, NJ--(Marketwire - June 26, 2008) - BIH Corporation (PINKSHEETS: BIHC) announced today that its Board of Directors as previously announced has agreed to a buyout of its subsidiary Baron International, Inc.

The Company believes that its shareholders are entitled to an estimate of the pending agreement. The pending agreement is subject to a contractual due diligence period with a sales price already negotiated; the sales price is between 0.19 and 0.23 cents per share. The acquiring party has a 5 day due diligence period of which to accept or to decline the agreed upon acquisition price contractually.

The Company has already determined that if the above-mentioned occurs, it will pay a one time cash dividend of between 0.07 and 0.09 cents per share as recommended by its attorneys and accountants (for tax purposes) to each and every shareholder on the record date, to be determined upon the acceptance and executed acquisition agreement.

"Mr. Galo apologizes for the lack of direct contact with the company's shareholders as these negotiations not only have come out of the blue but they have taken up every minute of his time; Mr. Galo has expressed his desire to either complete this deal or to get back to business. Mr. Galo has made it perfectly clear if this unsolicited offer does not meet or benefit The Company and its Shareholders monetarily, it will not happen," said Frank Nordstrom, spokesman for BIH Corporation

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