SOURCE: BIH Corporation

November 11, 2008 09:04 ET

BIH Corporation Responds to Shareholders' Inquiries

FT. MYERS, FL--(Marketwire - November 11, 2008) - BIH Corporation (PINKSHEETS: BIHC) today will address shareholder inquiries.

BIH Corporation continues renegotiations of its contract for the sale of its Baron International subsidiary; the negotiations pertain to an adjustment in the acquisition price due to Baron's addition of several lucrative new major accounts and increased revenue.

BIH Corporation's management has exercised its rights from the prospective buyer for an increase in the sales price (per clauses in the contract that state any major monetary changes up or down that either party may then initiate renegotiations) due to several lucrative new contracts being added between the time the contract was originally executed and now. Now that BIH Corporation has exercised that right, we realize that these are some very trying economic times but management is not willing to accept anything other then fair market value for Baron International.

With that being said BIH Corporation believes that an agreeable price can be reached and agreed to by both parties by the deadline for this transaction of December 31st of this year.

"The company realizes the shareholders' frustrations over the lengthy quiet period during these negotiations, however it has been reported to me by Mr. Ingala President of Baron, that his staff is being inundated with phone calls from shareholders and it is consuming his staff's time and interrupting their ability to perform their daily duties and conduct business. I would respectfully request that any shareholder with questions or concerns contact myself or my assistant via our phone number 1-866-532-5908, e-mail: info@bihcorporation.com or our new shareholder forum: http://bihcorporation.com/12701.html and I can assure you that your questions (if legally possible) will be addressed within a 48 hour period. I thank you for your consideration and look forward to a prosperous outcome for both the company and its shareholders," said Mr. Cris Galo, President & CEO 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