SOURCE: Polaris International Holdings, Inc.

Polaris International Holdings, Inc.

September 28, 2009 08:30 ET

Polaris International Holdings, Inc. (PIHN) Acquires Profitable Japanese IT Network Infrastructure Business From Staff IS Co., Ltd.

HUNTINGTON BEACH, CA--(Marketwire - September 28, 2009) - Polaris International Holdings, Inc. (PINKSHEETS: PIHN), a global IT outsourcing services company that is embracing 'Cloud Based Services' with a U.S.-Japan dual market base, announced today 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. The 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."

POLARIS, who currently employs 3 people, will gain 12 new employees with this acquisition of Staff IS Network Infrastructure. Co-founders of POLARIS held executive positions in Staff IS Co., Ltd.

About Staff IS' Network Infrastructure:

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.

For its twelve months ended June 30, 2009, Staff IS' Network Infrastructure operation had sales of approx. $3,115,789 and earnings of approx. $273,684 EBITDA for June 30, 2009. www.staffis.co.jp

About Polaris International Holdings, Inc.:

Polaris International Holdings, Inc., a Delaware corporation with offices in Huntington Beach and Los Angeles, California and in Tokyo, Japan, is in the business of supplying services for Network Infrastructure, ASP and Cloud Computing Solutions. Its management team is composed of seasoned international business professionals with over 60 years of expertise in technology, media, entertainment and investment industries. POLARIS with both a U.S. and Japan market base is well positioned for the global evolution occurring in IT services and is meeting this evolution with its progressive collection of 'Cloud Solutions and Services' for its corporate Fortune 100 clients. POLARIS' near term plan is to build out its 'Global IT Services' through acquisitions and/or strategic partnerships. The Company is currently engaged in due diligence with several international businesses that will significantly expand its territory from Japan to include the other rapidly growing Asian markets and North American markets. www.polaris-int.com

Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially form the expected results.

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Contact Information

  • CONTACT:
    Polaris International Holdings, Inc.
    Kuni Misawa
    (310) 849-1094
    Email Contact