20C buyout offer! News "BIH Corporation Board of Directors Will Meet This Weekend Regarding an Unsolicited Offer to Acquire All of Its Remaining Outstanding Shares
Friday June 20, 8:57 am ET
WEST ORANGE, NJ--(MARKET WIRE)--Jun 20, 2008 -- BIH Corporation (Other OTC:BIHC.PK - News) announced today that late Thursday afternoon the Company received an unsolicited offer to acquire all of its remaining outstanding shares by a private investor. The Board of Directors will have to vote on this offer over the weekend as it will exceed the SEC ten percent rule and would require the company's consent.
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As previously announced the Company is in the midst of its own buyback of common shares on the open market, yesterday alone the company acquired 7,950,000 of its common shares on the open market thru a designated third party.
The representatives of the private investor informed the Company that they were not after BIH Corporation itself but its subsidiary Baron International and expressed a desire for the company to acquiesce as their willingness is to pay up to $0.20 per share on the open market.
BIH Corporation realizes that its share price is way undervalued as does this private investor and the Company's Board of Directors will have to very carefully evaluate the ramifications of this unsolicited offer and decide accordingly as to the benefits, if any to the Company and its shareholders.
"Mr. Cris Galo, CEO of BIH Corporation, understands that the Company is materially undervalued, however he is concerned about any interference from an outside private investor intruding with the on going buyback of his Company's shares," said Frank Nordstrom Company Spokesman.
Mr. Nordstrom also stated that, "Mr. Galo will converse with The Board of Directors this weekend and they together will determine what is best for the shareholders and the company."
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:
Contact:
BIH Corporation
Investor Relations
Tel: 1-866-532-5908
Fax: 1-239-437-5777
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