SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
October 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 8 OTHER EVENTS
Item 8.01 OTHER EVENTS
On July 12, 2006, Hirsch International Corp. ("Hirsch" or the "Company")
entered into a Stock Purchase Agreement (the "Purchase Agreement") with Sheridan
Square Entertainment, Inc. ("SSE") pursuant to which Hirsch sold and SSE
repurchased all of Hirsch's right, title and interest in and to forty (40)
shares of the Series B Convertible Participating Stock of SSE, together with all
payment-in-kind dividends whether or not issued (the "Purchased Stock") for an
aggregate purchase price of $1,200,000 (the "Purchase Price"). The Purchase
Price was to be paid on or before October 31, 2006. The Purchased Stock was
acquired by the Company in conjunction with its execution of the previously
terminated Agreement and Plan of Merger dated July 20, 2005 to which Hirsch
entered into with SSE and SSE Acquisition Corp.
SSE failed to make payment of the Purchase Price to Hirsch as required
under the terms of the Purchase Agreement. The Company believes that the
Purchase Price remains collectable, and has retained legal counsel to advise it
as to the proper course of action to be taken to enforce its rights under the
Purchase Agreement and to collect all amounts due thereunder.
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: ______________________________
Beverly Eichel
Executive Vice President - Finance,
Chief Financial Officer and Secretary
Dated: November 6, 2006