SOURCE: NIS Holdings Corp.

February 04, 2011 17:52 ET

NIS Holdings Completes Acquisition of Alpha Dynamic Group Inc.

NEW YORK, NY--(Marketwire - February 4, 2011) - NIS HOLDINGS CORP. (OTCQB: NISC) (PINKSHEETS: NISC) today announced the completion of its acquisition of Alpha Dynamic Group Inc. This sparks the initial phase of NIS Holdings' plans for the future. With the close of the acquisition, NIS Holdings gains the much needed technology to set forth its business plan, as well as the ability to provide customers of all sizes with a distinct range of innovative products and services designed to meet their needs. The combination will also expand NIS Holdings' market access, increase its opportunities for growth and strengthen its financial position.

Under the terms of the agreement announced on February the 1st, 2011, and following approval of the transaction by Alpha Dynamic Group Inc.'s shareholders, NIS Holdings acquired all of Alpha Dynamic Group's shares in a share exchange agreement. NIS Holdings expects the transaction to increase the earnings per share basis, with the accretion beginning to appear in its financial results in the third quarter of the year.

As a result of intensive integration planning over the last few weeks, the company has identified large annualized cost synergies. NIS Holdings expects to begin realizing the benefit of a significant portion of these synergies immediately, and the majority of the synergy savings by the fourth quarter of its fiscal year. The synergies will reduce both cost of goods sold and operating expenses and primarily be generated by eliminating redundancies in internal programs, processes and employee positions, rationalizing facilities, and streamlining procurement processes.

Coming Together to Serve Customers Even Better

"The retail market is evolving rapidly, consumers are demanding lower prices, and they are seeking ways to reduce their expenditure while simultaneously trying to keep intact, or increase, their buying power. At the same time many retailers have seen their sales drop and are in need of help in retaining their customers, as well as their customers' expenditure," said Vassiliki Anagnostou, Director and Secretary of NIS Holdings. "Following the acquisition of Alpha Dynamic Group Inc., NIS Holdings will finally be in the position to implement its business plan and help address the issues facing both consumers and retailers," added Chris Kiltsikis President and CEO of NIS Holdings.

This document was produced by and the opinions expressed are those of NIS Holdings Corp. as of the date of writing and are subject to change without obligation to update. It has been prepared solely for information purposes and for the use of the recipient. It does not constitute an offer or an invitation by or on behalf of NIS Holdings Corp. to any person to buy or sell any security. Any reference to past performance is not a guide to future performance. The information and analysis contained in this publication have been compiled or arrived at from sources believed to be reliable but NIS Holdings Corp. does not make any representation as to their accuracy or completeness and does not accept liability for any loss arising from the use hereof.

This release may contain forward-looking statements, including, without limitation, statements containing the words "believes," "anticipates," "expects," "intends," "plans," "seeks," "estimates," "may," "will," "could," "stands to," and "continues," as well as similar expressions. Such forward- looking statements may involve known and unknown risks, uncertainties and other factors which might cause the actual results, financial condition, performance or achievements of NIS Holdings Corp., or industry results, to be materially different from any historic or future results, financial conditions, performance or achievements expressed or implied by such forward-looking statements. Given these uncertainties, the reader is advised not to place any undue reliance on such forward-looking statements. These forward-looking statements speak only as of the date of publication of this document. NIS Holdings Corp. expressly disclaims any obligation to update any such forward-looking statements in this document to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based, unless required by law or regulation.

Contact Information

  • CONTACT:
    Ms. Vassiliki Anagnostou
    212-688-1007