SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
July 31, 2006
Date of Report (Date of earliest event reported)
HIRSCH INTERNATIONAL CORP.
(Exact name of Registrant as specified in its charter)
Delaware 0-23434 11-2230715
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
50 Engineers Road
Hauppauge, New York 11788
(631) 436-7100
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
[ ] Written communications pursuant to Rule 425 under the Securities Act
(17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act
(17CFR240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
Section 1 REGISTRANT'S BUSINESS AND OPERATIONS
Item 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
On July 31, 2006, Hirsch International Corp. ("Hirsch" or the "Company"),
through its wholly-owned subsidiary Hirsch Distribution, Inc. ("Distribution"),
completed a transaction with MHM Siebdruckmaschinen GmbH, an Austrian
corporation ("MHM") pursuant to which Distribution and MHM entered into a
certain Distribution Agreement (the "Distribution Agreement") which granted
Distribution certain exclusive rights to sell and distribute MHM's screen
printing machines and related products within the United States, Canada and
their possessions and territories upon the terms and conditions set forth
therein. The Distribution Agreement also provides for the parties to negotiate
in the future for the addition of the Caribbean to Distribution's territory.
As additional consideration for the entry into the Distribution Agreement,
Hirsch agreed to guaranty Distribution's obligations to pay for products ordered
from MHM pursuant to the Distribution Agreement.
The Distribution Agreement provides for an initial term of ten (10) years
with successive and automatic ten (10) year renewal term unless either party
gives written notice of termination at least one (1) year prior to the
expiration of the then current term. The Distribution Agreement can also be
terminated by either party upon the material breach or default by the other
party which continues unremedied for a period of thirty (30) days following
written notice thereof, or upon the happening of certain specified events.
A copy of the press release dated August 2, 2006 announcing the new
relationship is annexed to this Report on Form 8-K.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d) Exhibits
Exhibit 10.1 Distribution Agreement dated as of July 8, 2006 by and between
Hirsch Distribution, Inc. and MHM Siebdruckmaschinen GmbH.
Exhibit 10.2 Guaranty Letter.
Exhibit 99.1 Press Release dated August 2, 2006.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
HIRSCH INTERNATIONAL CORP.
By: /s/ Beverly Eichel
----------------------
Beverly Eichel
Executive Vice President - Finance,
Chief Financial Officer and Secretary
Dated: August 3, 2006
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