Polaris International Holdings, Inc. Announces November and December 2009 Financial Report for Staff IS (Fiscal 2010-Q1)
Poster: SySAdmin
Posted on April 8, 2010 at 5:07:01 AM
Polaris International Holdings, Inc. Announces November and December 2009 Financial Report for Staff IS (Fiscal 2010-Q1)
LOS ANGELES, April 8 -- Polaris International Holdings, Inc. (Pink Sheets: PIHN), a global IT outsourcing services company with a U.S.-Japan dual market base today announced unaudited financial results for the two month period ending December 31, 2009 for Staff IS Co., Ltd., its wholly-owned subsidiary in Japan.
Staff IS commenced operating as a subsidiary of Polaris on November 1, 2009. As a result, the unaudited consolidated financial statements of the Fiscal 2010 1st Quarter ended December 31, 2009 released on March 31, 2010 only included Staff IS financial statements for the two month period ending December 31, 2009.
The Company posted its unaudited consolidated financial report for the period ended December 31, 2009 on the Pink Sheets OTC Disclosure and News Service. The full report can be viewed by visiting the Pink Sheets website at http://www.pinksheets.com and entering the company's stock trading symbol in the appropriate field.
Staff IS Co., Ltd. - Financial Summary for the Two Month Period Ending December 31, 2009
On November 1, 2009, Polaris carried over total assets of $799,425 of which $251,694 was cash and $547,731 was accounts receivable due from the previous owner of Staff IS Co. In addition, Polaris also carried over total liabilities of $344,465 of which $162,400 was accounts payable, $65,384 represented outstanding accounts payable and $116,682 was in the form of a short-term loan payable from the previous owner of Staff IS.
The IT division of Staff IS in Japan generated $722,254 in revenues with $84,078 EBITDA (Earnings Before Taxes, Depreciation and Amortization) for the two month period ending December 31, 2009. Polaris' total consolidated quarterly financial statements ending December 31, 2009 after deducting all expenses resulted in a loss of $27,899.
To sign up to receive information by email directly from Polaris International Holdings, Inc. when new press releases or other information is disclosed, please visit http://www.polaris-int.com.
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 the 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 which, if successfully completed, will significantly expand its territory from Japan to include other rapidly growing Asian and North American markets. http://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.
For all Inquiries: Please contact Chuck Cibulka, Stock Services LLC. at 858-213-4153. info@polaris-int.com
Source: Polaris International Holdings, Inc.
CONTACT: Chuck Cibulka of Stock Services LLC., +1-858-213-4153,
info@polaris-int.com, for Polaris International Holdings, Inc.
Web Site: http://www.polaris-int.com/
LOS ANGELES, April 8 -- Polaris International Holdings, Inc. (Pink Sheets: PIHN), a global IT outsourcing services company with a U.S.-Japan dual market base today announced unaudited financial results for the two month period ending December 31, 2009 for Staff IS Co., Ltd., its wholly-owned subsidiary in Japan.
Staff IS commenced operating as a subsidiary of Polaris on November 1, 2009. As a result, the unaudited consolidated financial statements of the Fiscal 2010 1st Quarter ended December 31, 2009 released on March 31, 2010 only included Staff IS financial statements for the two month period ending December 31, 2009.
The Company posted its unaudited consolidated financial report for the period ended December 31, 2009 on the Pink Sheets OTC Disclosure and News Service. The full report can be viewed by visiting the Pink Sheets website at http://www.pinksheets.com and entering the company's stock trading symbol in the appropriate field.
Staff IS Co., Ltd. - Financial Summary for the Two Month Period Ending December 31, 2009
On November 1, 2009, Polaris carried over total assets of $799,425 of which $251,694 was cash and $547,731 was accounts receivable due from the previous owner of Staff IS Co. In addition, Polaris also carried over total liabilities of $344,465 of which $162,400 was accounts payable, $65,384 represented outstanding accounts payable and $116,682 was in the form of a short-term loan payable from the previous owner of Staff IS.
The IT division of Staff IS in Japan generated $722,254 in revenues with $84,078 EBITDA (Earnings Before Taxes, Depreciation and Amortization) for the two month period ending December 31, 2009. Polaris' total consolidated quarterly financial statements ending December 31, 2009 after deducting all expenses resulted in a loss of $27,899.
To sign up to receive information by email directly from Polaris International Holdings, Inc. when new press releases or other information is disclosed, please visit http://www.polaris-int.com.
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 the 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 which, if successfully completed, will significantly expand its territory from Japan to include other rapidly growing Asian and North American markets. http://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.
For all Inquiries: Please contact Chuck Cibulka, Stock Services LLC. at 858-213-4153. info@polaris-int.com
Source: Polaris International Holdings, Inc.
CONTACT: Chuck Cibulka of Stock Services LLC., +1-858-213-4153,
info@polaris-int.com, for Polaris International Holdings, Inc.
Web Site: http://www.polaris-int.com/